Over 2 lakh farmers open mobile banking accounts; 81K turn to e-wallet

Govt expects numbers to double in around 1-2 months

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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 platform.

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 across India.

"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.