IFFCO & Bank of Baroda launch co-branded debit card for farmers
IFFCO and Bank of Baroda had signed a MoU in February 2017 to create co-branded debit cards for farmers. This is aimed at enabling them to buy agri-inputs through a convenient cashless transaction mechanism, thus providing further thrust to PM Narendra Modi’s Digital India programme.
The IFFCO-BOB co-branded debit cards were distributed to 51 farmers from Meerut district by Mr. R.P Singh, Director (HR &Legal), IFFCO and Mr. P.S. Jayakumar, Managing Director, Bank of Baroda at the ceremony.
Speaking on the occasion Mr. R.P Singh urged the farmers to sign up for this card to avail the benefit of 30 days interest-free purchases and also to adopt cashless transactions in an increasingly digitised world. He said that farmers can conveniently buy high-quality bio-fertilsers, water soluble fertilisers, agrochemicals, micro-nutrients, seeds and other agri-inputs through this card at the right cost.
Mr. P.S. Jayakumar, Managing Director, Bank of Baroda also addressed the gathering and assured the farmers of extending every possible assistance in helping them to understand the various cashless payment mechanisms.
Any farmer who has been making purchases from IFFCO’s farmer service centres, cooperatives, E-bazar stores, IFFDC outlets can sign-up for this card after receiving their respective permission. Under this scheme, a bank account with Bank of Baroda would be opened at the respective store after the farmer deposits Rs.100 and provides his Aadhar card. The farmer will then be issued a co-branded debit card which can be used to make agri-input purchases of up to Rs.2500/- without making any interest payments for a month.
Following are some salient features of this card:
1) The farmer can make agri-input purchases of up to Rs.2500/- and can avail 30 days interest-free period i.e. if the farmer pays the dues before 30 days from the date of purchase then no interest would be charged. He would then be eligible to make fresh agri-input purchases of up to Rs.2500/- again.
2) Interest at the rate of 8.60 per cent would be charged on the outstanding amount if the farmer does not make the due payment within 30 days
3) Farmer would also be eligible for the accident insurance if he makes agri-input purchases using this card
4) It can also be used in any ATM to withdraw money
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