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The ‘mRube’ logo for the e-trade platform of the Rubber Board was launched on Friday at a virtual function held at the Rubber Board Head Office in Kottayam with Satish Sharma, Chairman, Automotive Tyre Manufacturers Association (ATMA), doing the honours. The digital platform will likely go live in the second week of May, a Board official said.
The ATMA Chairman said the electronic trading platform for natural rubber is a timely initiative and will be a catalytic movement in the right direction. Easy access and transparency of the digital platform will add to the confidence of stakeholders.
Stakeholder confidence up
Sawar Dhanania, Chairman, Rubber Board, said farmers in any remote corner of the country could sell their produce through the platform. KN Raghavan, Executive Director, said the digital platform is an improvisation on the existing system where a farmer is getting more than 90 per cent of the end price. The e-trading platform ensures transparency, quality and payment security. Among those who spoke included Rajiv Budhraja (Director-General, ATMA); Shashi Singh (Senior Vice-President, All India Rubber Industries Association); Satish Abraham (President, Association of Latex Producers of India); Ronney Joseph Thomas (Secretary, Indian Block Rubber Processors Association); George Valy, (President, Indian Rubber Dealers Federation); R Sanjith (Secretary, UPASI) and Binoi Kurian, (Deputy Director-Marketing), Rubber Board).
OTP-based validation
i-Sourcing Technologies, Ahmedabad, is the technology partner for the e-trade platform. The software development is over, and final testing is in progress. The electronic market follows a simple one-time registration for users. Users shall input their Rubber Board license number, and the system will fetch details from the Rubber Board licensing portal, and an OTP-based validation will complete the registration. ‘mRube’ attempts to sort out certain impending issues in the current rubber marketing system. The Rubber Board will have a system for assaying the quality of rubber. Federal Bank and ICICI Bank will operate the payment gateway. The Board has made arrangements with the banks to extend zero interest rate facility to sellers. This is for the first time in the history of commodity trade that banks have agreed to finance zero interest rate advances to sellers.
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