Coming to the rescue of distressed farming community, fertiliser cooperative IFFCO with Bank of Baroda launched co-branded debit card exclusively for farmers. A total of 51 farmers were distributed debit cards at a ceremony on 23 May in New Delhi.
Urging the farmers to sign-up for the special card, RP Singh, Director (HR & Legal), IFFCO said: “Farmers can avail the benefit of 30 days interest-free purchases and should opt for cashless transaction mode in an increasingly digitised world.”
The initiative is a step to digitally empower the farmers, a mission of PM Narendra Modi’s Digital India programme; enable them to buy bio-fertilsers, water soluble fertilisers, agrochemicals, micro-nutrients, seeds etc. using the card at the right cost.
Farmers who have been making purchases from IFFCO’s farmer service centres, cooperatives, e-bazar stores and IFFDC outlets can avail the scheme after due permission. The beneficiary has to open a bank account with the Bank of Baroda and deposit a minimum of Rs.100 in the account.
Two lakh co-branded debit cards will be issued initially to the farmers in the states of Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh.
Where debit card can be used
1) The farmer can make agri-input purchases of up to Rs. 2,500 and avail 30 days interest-free period.
2) Interest at the rate of 8.60 per cent will be charged on the outstanding amount if the farmer does not make the due payment within 30 days.
3) The farmer will also be eligible for the accident insurance if he makes famr-related purchases using this card.
4) The card can also be used at any ATM to withdraw money.