Bank of Baroda has tied up with farmers’ cooperative IFFCO to provide co-branded debit cards with inbuilt overdraft facilities to farmers. The two entities signed a MoU in this regard. Some 2 lakh co-branded cards would be issued to farmers in UP, Bihar, Rajasthan and Madhya Pradesh. Subsequently the program will be extended across India. The co-branded debit cards will be exclusively used for the purchase of IFFCO products. Bank of Baroda has agreed to issue the co-branded debit cards to the farmers with an overdraft limit of Rs 2500 per cardholder. The bank will also provide 2500 PoS machines initially at various locations across India recommended by IFFCO at mutually agreed terms and conditions.
