In a movement to promote innovation in rural finances, the National Bank for Agriculture and Rural Development (NABARD) has acquired participation in the 24×7 MoneyWorks Consulting, a Agri-Fintech startup.
This is Nabard’s first investment in a startup startup, the bank said.
The product of the startup, Ekisancredit (EKCC), is a totally digital loan origin platform specifically designed for cooperative banks, primary agricultural credit societies (PAC) and regional rural banks (RRB).
The platform is integrated with Land Records, Aadhaar, Ekyc, Core Banking Systems and Epacs, providing end -to -end automation of the rural credit process.
Around the last two and a half years, Nabard has carried out pilot programs for EKCC in several banks and the system is now prepared for a national deployment.
“Nabard is proud to support a startup that brings innovation and impact to rural finances,” said Shri Shaji KV, president of Nabard. “EKCC has demonstrated the potential to improve access, transparency and efficiency in agricultural credit dispensation. This strategic collaboration will help cooperative banks, PACs and RRB to offer faster, more inclusive and more inclusive.
The Fintech company has also developed AIFIS, a digital platform that optimizes interest subsidy claims under the Agricultural Infrastructure Fund (AIF). AIFIS allows real -time validation and disbursement of claims, improving transparency and speed.
“Nabard’s investment reflects the belief that digital innovation must empower the existing institutions of last mile,” said Shri Gs Rawwat, Nabard deputy managing director. “EKCC is a scalable solution and ready for the field.”
Ranjeet Gautam, founder and CEO or 24×7 Moneyworks, commented: “This association validates our mission of building inclusive credit infrastructure for rural India. Our solutions are designed with empathy for last mile users.
