“To begin with, the services are now made available to milk societies associated with Chamarajnagar Milk Union and will be rolled out to farmers of other unions in rapid succession,” the company stated in press release.

Srikrishnan H, MD & CEO of Karnataka Bank, said, “We are accelerating our Fintech initiatives and collaboration with partners across various verticals with a view to enhancing access to markets and customer experience. This partnership with DGV will provide seamless and innovative end-to-end digital product offerings to the dairy farmers and provide access to institutional credit, while easing and digitizing payments across the dairy value chain.”

Ragavan Venkatesan, Founder and CEO of DGV said, “Karnataka Bank is their preferred banking partner for Southern India, DGV PAY product simplifies the payments value chain for dairy farmers and micro-enterprises helping with their basic banking needs, including opening of bank accounts. ‘DGV MONEY’ product is built with a unique underwriting mechanism that facilitates digital working capital and bovine loans to farmers.”

He also said, “Livestock management industry presents a $70-80 billion opportunity with significant gaps in bovine discovery, pricing and productivity."

Karnataka Bank offer a wide range of customized products and services, including loans, deposits, and international banking solutions.

The bank's standalone net profit declined 19.8% to Rs 330.26 crore in Q2 FY24 as compared with Rs 411.63 crore in Q2 FY23. Total income increased 20.7% YoY to Rs 2276.18 crore in Q2 FY24.

The scrip fell 0.52% to Rs 237.60 on the BSE.