Mumbai: HDFC Financial institution, India’s largest personal sector financial institution introduced its integration with the Authorities of India’s Nationwide Agriculture Market (eNAM) to allow digital collections and settlement of funds to varied e-NAM beneficiaries.
Launched in 2016, with Small Farmers Agri-Enterprise Consortium (SFAC) because the nodal implementing company beneath the aegis of the Ministry of Agriculture and Farmers Welfare, eNAM is an internet buying and selling platform that facilitates the net transaction of agricultural commodities for farmers, merchants, FPOs and different stakeholders.
Conventionally, farmers would journey miles with the agriculture produce to the closest Mandi, from their villages. This technological intervention has revolutionised agricultural commerce within the nation. At present, e-NAM is built-in with 1,000 Mandis throughout the nation.
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HDFC Financial institution has partnered with the SFAC to additional enhance the convenience of doing enterprise on e-NAM platform by providing the next assortment modes via integration with eNAM, beneath this engagement:
1) Multi-Netbanking
2) Debit card
3) NEFT/RTGS
4) UPI/IMPS
Farmers utilising the e-NAM platform merely must add required KYC particulars to get registered. Particulars of their Produce (Lot Id) and High quality Assaying certificates is uploaded by the Mandi earlier than the e-bidding course of. As soon as the sale invoice is finalised, they will simply obtain fee utilizing the sturdy system offered by HDFC Financial institution.
The financial institution additional helps the farmers with its 5,000+ department community. With over 50% of its branches in Semi-City and Rural areas, the financial institution provides the farmers and merchants entry to its banking companies to assist their buying and selling actions on the eNAM platform, even in distant geographies.
This integration helps not solely farmers but in addition Farmer Producer Organisations (FPOs), fee brokers, institutional consumers and different Mandi stage service suppliers and so forth. who kind a part of all the agriculture worth chain. Along with collections, the platform permits automated settlement mechanism with none handbook intervention to the beneficiary accounts.
“As envisioned by Prime Minister Shri Narendra Modi to maximise the profit for farmers by use of know-how. I anticipate that this tie up with HDFC Financial institution will profit the farmers throughout the nation as they may be capable of do enterprise transactions from place of their comfort,” stated Smt. Neelkamal Darbari IAS, Managing Director, SFAC.
“We’re delighted to have the chance to associate with SFAC to supply our banking companies for the eNAM platform. It permits us to assist farmers by enabling them to obtain their funds in a seamless method and provide ease of doing enterprise to them,” stated Ms Sunali Rohra, Government Vice President, Authorities & Institutional Enterprise & Gig Banking, HDFC Financial institution. “At HDFC Financial institution, we’ve pioneered constructing partnerships with Authorities. In 2001, we have been appointed as the primary company financial institution to digitize tax collections for the Central Board of Direct Taxes. Primarily based on this expertise two different banks have been inducted in 2003. Right now, because the second largest company financial institution in India for tax assortment, we strongly consider that partnership between the federal government and personal gamers has the facility to remodel lives.”
As of 2021, there are 1.7+ crore farmers and 1.8+ lakh merchants who’re registered on eNAM and have benefitted from the digital market. The overall worth of agri-produce traded on eNAM is approx. Rs. 1.3 lakh crore until FY 2020-21. There are 1000+ mandis which are already built-in with the platform and the federal government has already introduced within the Finances speech that one other 1000 mandis can be built-in over the following 2–3 years.
HDFC Financial institution is the second largest company financial institution to Authorities of India for tax collections. The financial institution has been nominated as amassing banker for Direct Tax, and for GST funds in addition to GeM portal integration for amassing Warning Cash deposit for procurement via the portal. The Financial institution additionally handles round 9% of complete DBT funds to the beneficiaries of assorted authorities schemes like MGNREGA, PMAY, and PMSKY.
SFAC can be implementing CSS on “Formation & Promotion of 10000 FPOs” throughout the nation. FPOs onboarding on e-NAM shall improve the participation of Small & Marginal Farmers on the e-NAM platform to additional improve their farm earnings.