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Govt engages ICICI Bank to enable online payment at 470 e-Nam mandis

The effort is to provide seamless experience for making online payment of trade and services

Press Trust of India  |  New Delhi 

ICICI Bank plans IPO of broking arm

The has engaged private lender to enable online payments at 470 mandis integrated with national portal of electronic National Agriculture Market (e-NAM), a senior Agriculture Ministry official said today.

At present, e-NAM participants are doing payments through traditional ways via branches, debit cards and net

"Farmers have started trading online within mandi. We want online payments to be smooth and without any delay. Therefore, has been roped in as a banker for e- NAM," the official told PTI.

Bank will enable BHIM (Interface for Money) and Unified Payments Interface (UPI) on the e-NAM portal for making cashless payments, the official added.

The effort is to provide seamless experience for making of trade and services undertaken on the e-NAM platform.

At present, 470 mandis across 14 states are live and 90 commodities are being traded on e-NAM platform, which was launched in April 2016. The target is to connect 585 mandis with e-NAM by March 2018.

In the first phase, farmers are trading agri-produce via e-NAM portal within a mandi though the government's aim is to allow e-trading between mandis within the state and later between mandis of two states.

The e-NAM model aims at revolutionising agri markets by ensuring better price discovery, bringing in transparency and competition to enable farmers to get improved remuneration for their produce moving towards 'One Nation, One Market'.

First Published: Thu, December 07 2017. 15:49 IST