HDFC Bank integrates with Government of India’s National Agriculture Market (e-NAM)
Mumbai, Nov 15:
HDFC Bank, India’s largest private sector bank today announced its integration with the Government of India’s National Agriculture Market (eNAM) to enable digital collections and settlement of funds to various e-NAM beneficiaries. Launched in 2016, with Small Farmers Agri–Business Consortium (SFAC) as the nodal implementing agency under the aegis of the Ministry of Agriculture and Farmers Welfare, eNAM is an online trading platform which facilitates online transaction of agricultural commodities for farmers, traders, FPOs and other stakeholders.
Conventionally, farmers would travel miles with the agriculture produce to the nearest Mandi, from their villages. This technological intervention has revolutionised agricultural trade in the country. Currently e-NAM is integrated with 1,000 Mandis across the country.
HDFC Bank has partnered with the SFAC to further improve the ease of doing business on e-NAM platform by offering the following collection modes through integration with eNAM, under this engagement – Multi-Netbanking, Debit card, NEFT/RTGS and UPI/IMPS Farmers utilising the e-NAM platform simply need to upload required KYC details to get registered. Details of their Produce (Lot Id) and Quality Assaying certificate is uploaded by the Mandi before the e-bidding process. Once the sale bill is finalised, they can easily receive payment using the robust system provided by HDFC Bank.
The bank further supports the farmers with its 5,000+ branch network. With over 50% of its branches in Semi-Urban and Rural areas, the bank gives the farmers and traders access to its banking services to support their trading activities on the eNAM platform, even in remote geographies.
