The game-changer business strategy, as discussed earlier in these columns was unveiled Tuesday at IFFCO’s headquarters in which more than 51 farmers from Meerut district of Uttar Pradesh were given IFFCO-BOB co-branded debit cards.
Under the scheme, a bank account with Bank of Baroda would be opened at the respective stores after farmers deposit Rs.100 and provide their Aadhar cards. The farmers will then be issued a co-branded debit card which can be used to make agri-input purchases of upto Rs.2500/- without making any interest payments for a month.
Initially, two lakh co-branded debit cards will be issued to the farmers in Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh. Subsequently, more cards will be issued across the rest of India. These co-branded debit cards will be exclusively used for the purchase of IFFCO products.
Farmers can make agri-input purchases of upto Rs.2500/- and can avail 30 days interest free period i.e. if farmers pay the dues before 30 days from the date of purchase then they would be charged no interest. The farmers would then be eligible to make fresh agri-input purchases of upto Rs 2500/- again.
Interest at the rate of 8.60 percent would be charged on the outstanding amount if a farmer does not make the due
payment within 30 days
Farmers would also be eligible for the accident insurance if they make agri-input purchases using this card. It can also be used in any ATM to withdraw money.
R.P Singh, Director (HR &Legal), IFFCO and P.S. Jayakumar, MD, Bank of Baroda were present during the ceremony. Speaking on the occasion R.P Singh urged farmers to sign up for the card to avail themselves of the benefit of 30 days interest free purchases and also adopt cashless transactions in a fast digitizing world. He said farmers can conveniently buy high quality bio-fertilsers, water soluble fertilisers, agrochemicals, micro-nutrients, seeds and other agri-inputs through the card at the right cost.
P.S. Jayakumar, Managing Director, Bank of Baroda also addressed the gathering and assured farmers of extending every possible assistance in helping them to understand various cashless payment mechanisms.
It bears recall that IFFCO, the world’s largest fertiliser cooperative in collaboration with the Bank of Baroda launched its co-branded debit card after an MoU was signed in February, 2017. Aimed at enabling farmers to buy agri-inputs through cashless transaction mechanism, it lends thrust to PM Narendra Modi’s Digital India programme, said a press release issued by IFFCO.
