On May 5, 2021, Kotak Mahindra Bank was selected as a digital payments partner by the National Agriculture Market (eNAM) to facilitate online transactions for all stakeholders on the eNAM platform, including farmers, traders and farmer producer organisations (FPOs)
Key points about the initiative:
i.Under this partnership, the bank will provide payment, clearing and settlement services by integrating its payment system and portal directly with the payment interface of the eNAM platform to enable a trade facility between a buyer and seller (of agri produce).
ii.The eNAM online ecosystem will enable farmers with more power over pricing decisions, greater transparency and availability of financial support.
iii.Kotak became one of the first banks to join eNAM, as an online payments and transactions partner.
It is an agri e-marketplace that facilitates buying & selling of agricultural commodities. It was established by networking Agricultural Produce Market Committees (APMCs). There are around 1.68 crore farmers registered on the platform. At present, it covers 1,000 mandis across 18 states and three union territories.
Recent Related News:
On March 4, 2021, the private sector lender Kotak Mahindra Bank signed a Memorandum of Understanding(MOU) with the Indian Army at New Delhi for providing salary accounts to all the active and retired army personnel.
About National Agriculture Market (eNAM):
Establishment – April 14, 2016
Headquarters – NewDelhi
It was launched by the Ministry of Agriculture, Government of India and the Portal is managed by Small Farmers’ Agribusiness Consortium (SFAC).
About Kotak Mahindra Bank:
It is India’s first non-banking finance company which is converted into a bank.
Establishment – 2003(Kotak Mahindra Finance Ltd. was established on 1985 & it was converted to Kotak Mahindra Bank in 2003)
Headquarters -Mumbai, Maharashtra
Tagline – Let’s Make Money Simple
MD & CEO – Uday Kotak