The Global Fintech Fest (GFF), scheduled between the 5th – 7th of September 2023 in Mumbai, is poised to be a landmark event for technology and finance specialists worldwide. The National Bank for Agriculture and Rural Development (NABARD) is among the prominent participants, an institution synonymous with India’s agricultural and rural development. NABARD’s participation is to shed light on the profound intersectionality between agritech and fintech and how their convergence can fuel Agricultural 2.0—a more sustainable, efficient, and technologically sound agricultural ecosystem.
According to Shri Manikumar S, Chief General Manager (CGM), Strategic Planning and Product Innovation Department (SPPID), NABARD, the GFF platform is “a fantastic platform for us to communicate our beliefs about the benefits of harnessing the collective brilliance of fintech and agritech startups.” The goal is to create transformative solutions that can shape the future of agriculture, not just by providing financial support to farmers but also by training them to make the most out of modern technologies and digital payment systems.
By aligning agritech and fintech, it becomes possible to introduce innovations at every point along the agricultural value chain—from seed to sale. These could include digital platforms for fair and transparent produce auctions, AI-driven soil and crop health analysis, blockchain-based traceability systems, and digital financial solutions tailored for farmers. Such initiatives can boost yield and income and promote sustainability by optimizing resource use.
One of the critical topics NABARD aims to cover is the impact of digital identity and Know Your Customer (KYC) solutions on regulation. These low-cost fintech solutions could be instrumental in helping Regional Rural Banks (RRBs) and Rural Co-operative Banks (RCBs) implement efficient KYC AML CFT frameworks, thereby accelerating financial inclusion in rural regions.
NABARD’s vision for revolutionizing agriculture through Agriculture 2.0 focuses on creating a thriving ecosystem in rural India by weaving together agriculture, finance, and technology. This vision is rooted in driving efficiency through technology, ensuring equitable growth, and fostering an environment where innovation can flourish.
Apart from providing monetary support, NABARD highly emphasizes capacity building and skill development for farmers. The organization trains farmers to integrate technology into their operations and adopt digital payment methods. This dual approach ensures that financial advancements match the requisite skills, forming a sustainable loop of growth and development.
NABARD’s participation in the Global Fintech Fest 2023 is a monumental step in sharing its insights and hearing from other industry experts and startups. The amalgamation of fintech and agritech can redefine India’s agricultural sector, making it more resilient, efficient, and aligned with the needs of the 21st century. With the collective brilliance of both sectors coming together, the future looks promising for the rural landscapes of India.
The National Bank for Agriculture and Rural Development is India’s apex development financial institution, founded on 12 July 1982. With its headquarters in Mumbai, NABARD’s mission is to promote sustainable and equitable agriculture and rural prosperity. The organization plays a pivotal role in enabling rural development, empowering farmers, and stimulating the growth of the rural economy through effective credit support, related services, institutional development, and other innovative initiatives.
Image provided by NABARD
