Kotak Mahindra Bank to Extend Online Payments to Farmers & Traders
Will provide payment, clearing and settlement services on the platform
Kotak Mahindra Bank (KMBL) today announced it has been selected as a digital payments partner by the National Agriculture Market (eNAM), a pan-India electronic trading portal for farm produce. KMBL will enable and facilitate online transactions for all stakeholders on the eNAM platform, including farmers, traders and farmer producer organisations (FPOs).
Under this initiative, Kotak will provide payment, clearing and settlement services on the eNAM platform to facilitate trade between a buyer and seller of agri produce. Kotak has integrated its payment system and portal directly with the payment interface of eNAM, to enable quick and safe transactions for agri participants who have joined the platform.
B S Sivakumar, President & Key Leadership Team member, Kotak Mahindra Bank, said, “The eNAM online ecosystem will give farmers more power over pricing decisions, greater transparency and availability of financial support. We are delighted to be one of the first banks to serve as an online payments and transactions partner on eNAM, and play our part in accelerating the digital revolution that is underway in the Indian agriculture sector.”
eNAM was formed on April 14, 2016 as a unified national market for agricultural commodities by networking Agricultural Produce Market Committees (APMCs) across the country. eNAM currently covers 1,000 mandis across 18 states and three union territories. There are around 1.68 crore farmers registered on the platform.