Bank of Baroda (BOB) and IFFCO on Tuesday rolled out their first set of co-branded debit cards for farmers as part of a novel initiative to push digitalisation and cashless economy.
Both the organisations had in February this year entered into a memorandum of understanding (MoU) in this regard.
The co-branded debit cards, with inbuilt overdraft of Rs 2,500 in special savings bank account, could be used for purchase of various agri products at IFFCO sale counters.
P.S.Jayakumar, Managing Director & CEO, Bank of Baroda handed out the IFFCO-BOB co-branded debit card to 51 farmers of Khurja & Bulandshar (Moradabad/Western UP zone of Bank of Baroda) in the capital on Tuesday. On the occasion, senior officials of Bank of Baroda and IFFCO including R.P.Singh, Director (HR & Legal), IFFCO were present.
Two lakh co-branded debit cards will be issued initially to the farmers beginning with the States of Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh. These co-branded debit cards will be exclusively used for the purchase of IFFCO products only.
srivats.kr@thehindu.co.in
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