The private lender, HDFC Bank, has entered into collaboration with Punjab Grains Procurement Corporation Ltd (PUNGRAIN) to provide easier payments facility to its brokers who are spread across 350 mandis of Punjab.
According to the tie up, PUNGRAIN will be making payments to its commission agents or brokers using the ‘RuPay Debit Card' and for this it has established an information and online remittance network with the assistance of National Payment Corporation of India (NPCI). The network of paying commission agents has been named ‘Kisan Arhtia'.
On the other hand, the bank will be installing its Point of sales (POS) equipments across 350 mandis present in Punjab, which will assist the process of making payments to commission agents handling agricultural products. This initiative of HDFC Bank will reportedly be beneficial to the farmers as it will lessen the time taken for making payments.
To start its operations in the project, the bank arranged a training session for officers and food inspectors of PUNGRAIN.