IndusInd Bank To Collaborate With e-NAM

The Small Farmers Agri-Business Consortium (SFAC) appointed IndusInd Bank on Tuesday to provide digital collection and settlement services on the National Agriculture Market (e-NAM) platform for transactions between farmers and merchants throughout the country.

The National Agriculture Market (eNAM) is a pan-India electronic trading system that connects the current APMC mandis to form a single national agricultural commodities market. Under the Ministry of Agriculture and Farmers' Welfare of the Government of India, the Small Farmers Agribusiness Consortium (SFAC) is the key agency for implementing eNAM.

e-NAM aims for the integration of APMCs throughout the nation via a shared online market platform to improve pan-India commerce in farm commodities, allowing for better price discovery through a transparent auction procedure based on product quality and quick online payment.

IndusInd Bank has been directly connected with the e-NAM platform to provide farmers and merchants with secure and convenient payments, clearing, and settlement services. The bank would provide a variety of transaction services to the buyer and seller of agricultural goods using digital channels like multi-net banking, debit card, NEFT, RTGS, IMPS, and UPI.

IndusInd Bank Ltd was trading at Rs925.35 per share at roughly 10.50 a.m., down Rs14.7 or 1.56 percent from its previous close of Rs940.05 per share at the BSE.

eNAM is an online trading platform that facilitates the online transactions of agricultural commodities for farmers, traders, FPOs, and other stakeholders arriving at the e-NAM mandis. It was launched in 2016 with SFAC as the nodal implementing agency under the supervision of the Ministry of Agriculture and Farmers Welfare, Government of India. In addition, SFAC is implementing CSS on "Formation and Promotion of 10000 FPOs" around the nation, as well as enabling Venture Capital Assistance and Credit Guarantee Scheme advantages to the country's Small and Marginal farmers.

As of January 2022, 1.7 crore farmers and 1.8 lakh merchants have registered on eNAM, and the total amount of agri-produce transacted on eNAM is around Rs. 1.72 lakh crore.