The Small Farmers Agri-Business Consortium (SFAC) appointed IndusInd Bank to provide digital collection and settlements services on the National Agriculture Market (e-NAM) platform for transactions involving farmers and traders throughout the country.
Induslnd Bank has been directly connected with the e-NAM platform to give farmers and traders secure and hassle-free payments, clearance, and settlement services. Under this agreement, the bank would provide a variety of financial services to the buyer and seller of agricultural goods using digital modes such as multi-net banking, debit card, NEFT, RTGS, IMPS, and UPI.
At roughly 10.50 a.m., IndusInd Bank Ltd was trading at Rs 925.35 per share on the BSE, down Rs14.7 or 1.56 % from its previous close of Rs 940.05 per share.
According to Neelkamal Darbari IAS, Managing Director of SFAC, "the incorporation of IndusInd bank shall boost the payment and settlement environment of the e-NAM platform." The simplicity of collecting payments smoothly would tremendously benefit stakeholders."
Fostering adoption of digital transactions in the country
"At IndusInd Bank, it has been our endeavor to play a vital role in fostering the adoption of digital transactions in the country," said Soumitra Sen, Head - Consumer Banking & Marketing. Our partnership with e-NAM will provide farmers and traders with safe and easy digital payment services. We believe that digital payments would increase openness in the sector and further empower farmers."
E-Nam Portal and associated Community
eNAM is an online trading platform that facilitates the online transaction of agricultural commodities for growers, businessmen, FPOs, and other stockholders, arriving at the e-NAM mandis. It was launched in 2016 with SFAC as the nodal implementing agency under the aegis of the Ministry of Agriculture and Farmers Welfare, Government of India. SFAC is also executing CSS on "Formation and Promotion of 10000 FPOs" around the country, in addition to enabling Venture Capital Assistance and Credit Guarantee Scheme advantages to Small and Marginal Farmers of the country.
As of January 2022, there are around 1.7 crore farmers and 1.8 lakh traders enrolled on eNAM who have benefited from the digital market, and the total amount of agri-produce exchanged on eNAM is approximately Rs. 1.72 lakh crore. There are approximately 1000 mandis that are now integrated with the platform, and the government has already declared that another 1000 mandis would be integrated over the next 2–3 years.
