IndusInd Bank to facilitate digital transactions on National Agriculture Market for Agri Value chain participants

15 Feb 2022 , 10:48 AM

IndusInd Bank on Tuesday announced that it has been impaneled by the Small Farmers Agri-Business Consortium (SFAC) to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for the transactions between farmers and traders across the country.

IndusInd Bank has been directly integrated with the e-NAM platform to provide safe and hassle-free payments, clearing, and settlement services to 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.

At around 10.50 AM, IndusInd Bank Ltd was trading at Rs925.35 per share down by Rs14.7 or 1.56% from its previous closing of Rs940.05 per share on the BSE.

Neelkamal Darbari IAS, Managing Director, SFAC 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.”

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.”

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 transaction of agricultural commodities for farmers, traders, FPOs and other stakeholders, arriving
at the e-NAM mandis. SFAC is also implementing CSS on “Formation & Promotion of 10000 FPOs” across the country, besides facilitating Venture Capital Assistance and Credit Guarantee scheme benefits to Small & Marginal farmers of the country.

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.