IndusInd Bank announced has been empanelled by the Small Farmers Agri-Business Consortium (SFAC) to facilitate, digital payments, collection and settlement services on the e-National Agriculture Market (e-NAM) portal for the transactions between farmers and traders across India.
IndusInd Bank has been directly integrated with e-NAM platform to provide safe and hassle-free payments, clearing and settlement services to the farmers and traders. Under this arrangement, the bank will offer an array of transaction services through digital modes including multi-net banking, debit card, NEFT, RTGS, IMPS and UPI to the buyer and seller of the agriculture produce.
Highlighting the partnership, Neelkamal Darbari, Managing Director, Small Farmers Agri-Business Consortium expressed that “inclusion of IndusInd bank shall enhance the payment and settlement ecosystem of e-NAM portal. The stakeholders shall be greatly benefitted by the ease of receiving payments in a seamless manner.”
Speaking on the development, Soumitra Sen, Head – Consumer Banking & Marketing, IndusInd Bank said, “At IndusInd Bank, it has been our endeavour to play a significant role in promoting the adoption of digital transactions in the country. Our association with e-NAM will facilitate secure and seamless digital payment services to the farmers and traders. We believe, digital payments will bring in more transparency in the sector and further empower the farmers.”
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Launched in 2016, with SFAC as the nodal implementing agency under the aegis of the Ministry of Agriculture and Farmers Welfare, Govt of India, eNAM is an online trading platform which facilitates online transactions of agricultural commodities for farmers, traders, farmer producer organisations (FPO) and other stakeholders, arriving at the e-NAM mandis. SFAC is also implementing CSS on “Formation & Promotion of 10,000 FPOs” across the country, besides facilitating Venture Capital Assistance and Credit Guarantee scheme benefits to small and marginal farmers.
As of January 2022, there are 1.7+ crore farmers and 1.8+ lakh traders who are registered on eNAM and have benefitted from the digital marketplace and the total value of agri-produce traded on eNAM is approx. Rs. 1.72 lakh crore. There are 1000+ mandis that are already integrated with the platform and the government has already announced that another 1000 mandis will be integrated over the next 2–3 years.