If Biscomaun Chairman Sunil Singh is to be believed, fertilizer companies would have to fold their tents in days to come due to IFFCO’s marketing strategies. “They will come and deposit keys of their business with the IFFCO headquarters saying they cannot compete” said Sunil known for his bold statements.
Biscomaun Chairman said the game changer is going to be the Rs 2500 limit credit card IFFCO has launched recently. They are distributing it to 2 lakh farmers. As its growth picks up farmers would buy fertilizer from IFFCO and IFFCO alone. The card has such attraction that it is capable of entrapping its users forever, underlined Singh.
Rs 2500 is peanuts a farmer would like to repay and would not wait for a Modi or Yogi to waive off but simultaneously it is large enough to cover small farmer’s urgent agricultural needs, Sunil explained.
Few realize how smart the move is but I pointed this out to IFFCO MD Dr U S Awasthi who smiled, Biscomaun Chairman confessed.
It bears recall that promoting digital drive in rural areas as well as helping the farmers IFFCO signed an MoU with the Bank of Baroda at the former’s headquarters in Delhi in February. The MOU was signed by Mr.Yogendra Kumar, General Manager(Marketing), IFFCO and Mr. G.B Panda, General Manager(Govt relationships), Bank of Baroda.
It is aimed at offering finance facility at competitive interest rates for the farmers who wish to buy the products of IFFCO and its subsidiaries.
The Bank of Baroda will open adhaar enabled accounts of farmers and has agreed to issue co-branded debit cards to the specified farmers with Overdraft facility of Rs 2500/- per card through which farmer can purchase IFFCO and its subsidiary agri-inputs exclusively from specified retail points on credit period of one month. Initially the co-branded cards will be given to the farmers in Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh.