Bank of Baroda (BOB) and IFFCO 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 in February 2017 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.
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.
Static Takeaways for BOB PO Exam-
- Chairman of BOB is Mr. Ravi Venkatesan and CEO is Mr. P.S. Jayakumar
- BOB headquarter is in Vadodara, Gujarat and its tagline is ‘India’s International Bank’
- IFFCO full form is Indian Farmers Fertiliser Cooperative Limited.
Source- The Hindu