As the government pushes for cashless transactions in the agri-economy, so far, over 213,000 farmers
have activated mobile banking
accounts and about 81,000 farmers
are now using e-wallet
across India. The government hopes that the numbers would double in the next one to two months.
"We believe by end of December, more 50,000 farmers
may be added to the mobile banking
platform," said Subhash Gupta, chief executive of National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB). NAFCUB represents around 1,600 urban cooperative banks and more than 50,000 cooperative credit societies functioning all over India.
Cooperative banks, National Agricultural Cooperative Marketing Federation of India Ltd (Nafed), National Bank for Agriculture and Rural Development (Nabard), Gujarat Cooperative Milk Marketing Federation (GCMMF) and other agriculture agencies and institutes are actively organising farmers' training camps across India. So far about 50 such camps have been organised.
"These exercises are for awareness building. The agriculture department and other bodies such as cooperative banks, Nafed, Nabard, Amul, IFFCO (Indian Farmers
Fertiliser Cooperative Limited) and Kribhco (Krishak Bharati Cooperative Limited) are spreading awareness about the cashless transaction by organising training programmes across India," said senior official of the department of agriculture, the government of India.
At present, Radha Mohan Singh, Union minister of Agriculture and all ministers of state are making field visits where not only training and awareness programs are being conducted but also farmers
and other rural households are being helped to activate mobile banking
services on their devices.
Urban cooperative banks (UCBs) have been active and of the 213,000 mobile banking
accounts, around 200,000 accounts have activated through UCBs.
As per agriculture department data, so far more than 81,000 farmers
have downloaded e-wallet
on their mobile phones. The department is hoping nearly 400,000 farmers
and agri-business persons will be on mobile banking
To provide knowledge about the cashless transaction, Nabard
too is conducting such seminars in rural areas. With this, the bank is supporting to set up digital
payment network in rural areas and will give RuPay
cards to over 34 million farmers
"Our aim is to enable farmers
for cashless transactions. Generally, farmers
buy seeds, fertilisers and other farming related things on cash or on credit as technology has not yet fully reached rural areas. By providing RuPay
cards, they will also be able to go cashless soon," said H R Dave, deputy managing director of Nabard.