IndusInd Bank to facilitate digital transactions on e-NAM for agri-value chain participants

IndusInd Bank was empanelled by the Small Farmers Agri-Business Consortium (SFAC) to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for the transactions between farmers and traders across India.

IndusInd Bank has been directly integrated with e-NAM platform to provide safe and hassle free payments, clearing and settlement services to the farmers and traders. Under this arrangement, the bank will offer an array of transaction services through digital modes including multi-net banking, debit card, NEFT, RTGS, IMPS and UPI to the buyer and seller of the agriculture produce.

The private sector bank's net profit increased by 36.18% to Rs 1,161.27 crore in Q3 FY22 from Rs 852.76 crore in Q3 FY21. The bank's total income in the third quarter ended December 2021 rose by 7.4% Y-o-Y to Rs 9,614.27 crore.

Shares of IndusInd Bank were 0.39% higher at Rs 943.75 on BSE. IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2021, the bank's distribution network included 2,103 branches and banking outlets and 2,861 onsite and offsite ATMs across 769 geographic locations.

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