NABARD emphasises on agri-fintech innovations for taking rural and agri-economy forward

Mumbai, ninth September 2023: The National Bank for Agriculture and Rural Development (NABARD) took heart stage on the Global Fintech Fest (GFF), held from September fifth to September seventh, 2023 in Mumbai. NABARD highlighted its ground-breaking work to combine digital monetary providers with rural and agri–economic system. During the occasion, NABARD participated in a sequence of panel discussions addressing necessary matters. These included the far-reaching impression of digital id and Know Your Customer (KYC) options on regulation, in addition to partaking with Fintechs and Agri-techs. NABARD shared its in depth expertise working alongside these sectors and unveiled a spectrum of initiatives aimed toward propelling the agricultural and rural economic system to new heights by complete digital monetary providers.

“The transformation of agriculture and rural finance is of paramount significance. Through worth chain financing, we goal to bridge the digital divide and convey monetary providers to the doorsteps of the rural inhabitants. Through expertise, we are able to contribute considerably to the financial development and prosperity of India’s rural communities.” mentioned Shri Manikumar S., Chief General Manager (SPPID) at NABARD. 

“Collaboration between agritech and fintech holds the promise of a brighter, extra affluent future for rural India. At NABARD, our focus is on leveraging expertise and innovation to bridge monetary gaps, empower rural communities, and remodel agriculture. The Global Fintech Fest is the fitting discussion board to share our imaginative and prescient and progress, and we’ll proceed to drive monetary inclusion and sustainable development throughout the nation,” mentioned Shri Monomoy Mukherjee whereas explaining the endeavours of NABARD. 

NABARD‘s presence on the ‘Global Fintech Fest’ was marked by internet hosting six-panel discussions all through the three-day occasion. These discussions underlined the multifaceted features and the importance of fostering collaboration between agritech and fintech. Such collaborative innovations promise to inject new worth into the prevailing agricultural worth chain, laying the inspiration for a extra sustainable, environment friendly, and technologically superior agricultural ecosystem. With these initiatives, NABARD reiterated its dedication to empowering the rural economic system and driving monetary inclusion by worth chain financing in agriculture, growing progressive options to offer digital monetary providers in distant and inaccessible areas.

“I’d prefer to thank NABARD for their monetary help in forming my firm. NABKISAN has offered us with a CC mortgage to type our FPO. The ease of availing finance for FPOs and farmers like me has had a big impression on the agricultural worth chain,” a farmer from the Jalgaon district of Maharashtra, acknowledging NABARD‘s contribution throughout a panel session on the concluding day of Global Fintech Fest 2023. 

The Global Fintech Fest offered a wonderful platform for NABARD to showcase its pioneering efforts in leveraging expertise to revolutionize monetary providers in rural India. By taking part within the occasion, NABARD reaffirmed its dedication to advancing monetary inclusion and empowering rural communities throughout the nation.