MUMBAI: The National Bank for Agriculture and Rural Development (NABARD) showcased its groundbreaking work in integrating digital financial services with the rural and agri-economy at the Global Fintech Fest held in Mumbai from September 5th to September 7th, 2023. NABARD participated in a series of panel discussions addressing important topics such as the impact of digital identity and Know Your Customer (KYC) solutions on regulation and engaging with Fintechs and Agri-techs.
NABARD shared its extensive experience working alongside these sectors and unveiled a spectrum of initiatives aimed at propelling the agricultural and rural economy to new heights through comprehensive digital financial services. The bank’s focus is on leveraging technology and innovation to bridge financial gaps, empower rural communities, and transform agriculture.
“The transformation of agriculture and rural finance is of paramount importance. Through value chain financing, we aim to bridge the digital divide and bring financial services to the doorsteps of the rural population. Through technology, we can contribute significantly to the economic growth and prosperity of India’s rural communities,” said Shri Manikumar S., Chief General Manager (SPPID) at NABARD.
NABARD’s presence at the Global Fintech Fest was marked by hosting six-panel discussions throughout the three-day event. These discussions underlined the multifaceted aspects and the significance of fostering collaboration between agritech and fintech. Such collaborative innovations promise to inject new value into the existing agricultural value chain, laying the foundation for a more sustainable, efficient, and technologically advanced agricultural ecosystem.
With these initiatives, NABARD reiterated its commitment to empowering the rural economy and driving financial inclusion through value chain financing in agriculture, developing innovative solutions to provide digital financial services in remote and inaccessible regions.
The Global Fintech Fest provided an excellent platform for NABARD to showcase its pioneering efforts in leveraging technology to revolutionize financial services in rural India. By participating in the event, NABARD reaffirmed its commitment to advancing financial inclusion and empowering rural communities across the country.
The National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India. Established on 12 July 1982, with headquarters in Mumbai, NABARD operates with a mission to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development, and other innovative initiatives. NABARD plays a crucial role in fostering rural development, empowering farmers, and catalyzing the growth of the rural economy.
