NABARD Emphasizes on Agri-fintech Innovations for Taking Rural and Agri-economy Forward

 

NABARD Emphasizes on Agri-fintech Innovations for Taking Rural and Agri-economy Forward  

 The National Bank for Agriculture and Rural Development (NABARD) took centre stage at the Global Fintech Fest (GFF), held from September 5th to September 7th, 2023 in Mumbai. NABARD highlighted its ground-breaking work to integrate digital financial services with rural and agri-economy. During the event, NABARD participated in a series of panel discussions addressing important topics. These included the far-reaching impact of digital identity and Know Your Customer (KYC) solutions on regulation, as well as engaging with Fintechs and Agri-techs. NABARD shared its extensive experience working alongside these sectors and unveiled a spectrum of initiatives aimed at propelling the agricultural and rural economy to new heights through comprehensive digital financial services. 

"The transformation of agriculture and rural finance is of paramount importance. Through value chain financing, we aim to bridge the digital divide and bring financial services to the doorsteps of the rural population. Through technology, we can contribute significantly to the economic growth and prosperity of India's rural communities." said Shri Manikumar S., Chief General Manager (SPPID) at NABARD. 

“Collaboration between agritech and fintech holds the promise of a brighter, more prosperous future for rural India. At NABARD, our focus is on leveraging technology and innovation to bridge financial gaps, empower rural communities, and transform agriculture. The Global Fintech Fest is the right forum to share our vision and progress, and we will continue to drive financial inclusion and sustainable growth across the nation,” said Shri Monomoy Mukherjee while explaining the endeavours of NABARD. 

NABARD's presence at the ‘Global Fintech Fest' was marked by hosting six panel discussions throughout the three-day event. These discussions underlined the multifaceted aspects and the significance of fostering collaboration between agritech and fintech. Such collaborative innovations promise to inject new value into the existing agricultural value chain, laying the foundation for a more sustainable, efficient, and technologically advanced agricultural ecosystem. With these initiatives, NABARD reiterated its commitment to empowering the rural economy and driving financial inclusion through value chain financing in agriculture, developing innovative solutions to provide digital financial services in remote and inaccessible regions. 

“I’d like to thank NABARD for their financial assistance in forming my company. NABKISAN has provided us with a CC loan to form our FPO. The ease of availing finance for FPOs and farmers like me has had a significant impact on the agricultural value chain,” a farmer from the Jalgaon district of Maharashtra, acknowledging NABARD's contribution during a panel session on the concluding day of Global Fintech Fest 2023. 

The Global Fintech Fest provided an excellent platform for NABARD to showcase its pioneering efforts in leveraging technology to revolutionize financial services in rural India. By participating in the event, NABARD reaffirmed its commitment to advancing financial inclusion and empowering rural communities across the country. 

[Basic inputs received from Vishal Shukla , Concept PR]