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 that facilitates the online transaction of agricultural commodities for farmers, traders, FPOs, and other stakeholders.
Conventionally, farmers would travel miles with the agricultural produce to the nearest Mandi, from their villages. This technological intervention has revolutionized 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 the e-NAM platform by offering the following collection modes through integration with eNAM, under this engagement: 1) Multi-Netbanking; 2) Debit card; 3) NEFT/RTGS; 4) UPI/IMPS Farmers utilizing the e-NAM platform simply need to upload required KYC details to get registered. Details of their Produce (Lot Id) and Quality Assaying certificate are uploaded by the Mandi before the e-bidding process. Once the sale bill is finalized, they can easily receive payment using the robust system provided by HDFC Bank.
“As envisioned by Prime Minister Narendra Modi to maximize the benefit for farmers by use of technology, I expect that this tie-up with HDFC Bank will benefit the farmers across the country as they will be able to do business transactions from the place of their convenience,” said Neelkamal Darbari, Managing Director, SFAC.
“We are delighted to have the opportunity to partner with SFAC to offer our banking services for the eNAM platform. It allows us to support farmers by enabling them to receive their payments in a seamless manner and offer ease of doing business to them,” said Sunali Rohra, Executive Vice President, Government & Institutional Business & Gig Banking, HDFC Bank.