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Digital Transformation

Online agricultural lending platform by RBI coming soon

Online agricultural lending platform by RBI coming soonThe agriculture sector needs to be propelled to the next level. The Reserve Bank of India is developing an online platform to facilitate agricultural lending for farmers. VCs and banking correspondents will provide assistance, and farmers can also visit CSC centers to access funding for their agricultural endeavors. This initiative aims to streamline the process of onboarding farmers for agricultural funding, said Sunil Mehta, Chief Executive, Indian Banks’ Association at the second edition of FinTech Festival India themed “Democratising Digital Economy” at the Jio World Centre in Mumbai with a focus on FinTech advancements and predictions.

Mehta opined that India has done better than others in supporting their businesses by creating digital payment infrastructure. The first phase of digital payment is already over. Now it’s time for the growth of digital lending and most of the platforms are already coming for it and the banking system has effectively adopted it.

Mehta lauded the role of the banking system in integrating technology in promoting economic recovery, job creation, and supporting small businesses, communities during the challenging times through scores of initiatives such as DBT, Mudra Yojna, Kisan Samman Yojna and so on.


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