Kotak Mahindra selected as digital payments partner by eNAM
By Leandra Monteiro
Kotak Mahindra Bank (KMBL) today announced that it has been selected as a digital payments partner by the National Agriculture Market (eNAM), a pan-India electronic trading portal for farm produce. KMBL will facilitate the online transactions for all stakeholders on the eNAM platform, including farmers, traders and farmer producer organisations.
Through this partnership, Kotak will provide payment, clearing and settlement services on the eNAM platform to ensure smooth trade between a buyer and seller of agri produce. Kotak has integrated its payment system and portal directly with the payment interface of the eNAM platform to enable quick and safe transactions for agri participants who have joined the eNAM platform.
BS Sivakumar, President & Key Leadership Team member, Kotak Mahindra Bank said, “The eNAM online ecosystem will give farmers more power over pricing decisions, greater transparency and availability of financial support. We are delighted to be one of the first banks to serve as an online payments and transactions partner on eNAM and play our part in accelerating the digital revolution that is underway in the Indian agriculture sector.”
eNAM was created on 14th April, 2016 as a unified national market for agricultural commodities by networking Agricultural Produce Market Committees (APMCs) across the country. According to eNAM, it currently covers 1,000 mandis across 18 states and three union territories. There are around 1.68 crore farmers registered on the platform.
Established in 1985, Kotak Mahindra Group is an Indian financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd.
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