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Kotak Mahindra Bank to Extend Online Payments to Farmers & Traders

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Kotak Mahindra Bank (KMBL) announced it has been selected as a digital payments partner by the National Agriculture Market (eNAM), a pan-India electronic trading portal for farm produce. KMBL will enable and facilitate online transactions for all stakeholders on the eNAM platform, including farmers, traders and farmer producer organisations (FPOs).

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Under this initiative, Kotak will provide payment, clearing and settlement services on the eNAM platform to facilitate trade between a buyer and seller of Agri produce. Kotak has integrated its payment system and portal directly with the payment interface of eNAM, to enable quick and safe transactions for Agri participants who have joined the platform.

About the eNAM:

eNAM was formed on April 14, 2016, as a unified national market for agricultural commodities by networking Agricultural Produce Market Committees (APMCs) across the country. eNAM currently covers 1,000 mandis across 18 states and three union territories. There are around 1.68 crore farmers registered on the platform.

Important takeaways for all competitive exams:

  • Kotak Mahindra Bank CEO: Uday Kotak.
  • Kotak Mahindra Bank Establishment: 2003.
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra.
  • Kotak Mahindra Bank Tagline: let’s make money simple.

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