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Mumbai: HDFC Bank on Friday announced its integration with the government’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 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 revolutionized agricultural trade in the country and currently e-NAM is integrated with 1,000 mandis across the country, the bank said.
HDFC Bank said it has partnered with the SFAC to further improve the ease of doing business on e-NAM platform by offering collection modes like multi-net banking, debit card, NEFT/RTGS and UPI/IMPS.
Farmers utilizing the e-NAM platform simply need to upload required KYC details to get registered. Details of their produce and quality assaying certificate is uploaded by the mandi before the e-bidding process. Once the sale bill is finalized, they can easily receive payment using the system provided by HDFC Bank.
“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 place of their convenience," said Neelkamal Darbari, managing director, SFAC.
The statement added that as of 2021, there are over 1.7 crore farmers and over 1.8 lakh traders who are registered on eNAM and have benefited from the digital marketplace. The total value of agri-produce traded on eNAM is approximately ₹1.3 trillion till FY21.
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