Bank of Baroda, IFFCO roll out co-branded debit card for farmers

Bank of Baroda (BOB) and IFFCO on Tuesday rolled out their first set of co-branded debit cards for farmers as part of a novel initiative to push digitalisation and cashless economy.Both the organisations had in February this year entered into a memorandum of understanding (MoU) in this regard.Speaking on the occasion 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, 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.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.Two lakh co-branded debit cards will be issued initially to the farmers in the states of Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh. Subsequently, more cards will be issued across rest of India. These co-branded debit cards will be exclusively used for the purchase of IFFCO products only.Interest at the rate of 8.60 percent would be charged on the outstanding amount if the farmer does not make the due payment within 30 days. The farmer would also be eligible for the accident insurance if he makes agri-input purchases using this card.

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