 "Nabard buys 10% stake in 24x7 Moneyworks to boost rural credit digitisation")
The National Bank for Agriculture and Rural Development (Nabard) has acquired a 10 per cent stake in agri fintech startup 24x7 Moneyworks Consulting Pvt Ltd.
This marks Nabard's first-ever investment in a bootstrapped startup, reinforcing its commitment to digital transformation in rural India, the apex rural credit institution said in a statement.
24x7 Moneyworks Consulting Pvt. Ltd's flagship platform, eKisanCredit (eKCC), is a fully digital loan origination system designed for Cooperative Banks, PACS and RRBs, it said.
The eKCC platform integrates seamlessly with land records, Aadhaar, eKYC, core banking systems and ePACS, enabling end-to-end automation of the rural credit lifecycle, it said.
Over the past two and half years, Nabard has piloted eKCC across various banks and the system is now ready for nation-wide roll-out, it said.
"eKCC has demonstrated the potential to improve access, transparency, and efficiency in dispensing agricultural credit This strategic collaboration will help Cooperative Banks, PACS and RRBs deliver faster, transparent, and more inclusive credit services to small and marginal farmers," Nabard Chairman Shaji K V said.
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