Nabard's Landmark Stake: A Leap Towards Digital Farming

The National Bank for Agriculture and Rural Development (Nabard) has acquired a 10% stake in agri fintech startup 24x7 Moneyworks Consulting Pvt Ltd. This marks Nabard’s first-ever investment in a bootstrapped startup, indicating its dedication to digital transformation in rural India through the eKisanCredit platform.

The National Bank for Agriculture and Rural Development (Nabard) has made headlines by acquiring a 10% stake in the agri fintech startup 24x7 Moneyworks Consulting Pvt Ltd, marking its inaugural investment in a bootstrapped startup. This move reinforces Nabard's commitment to fostering digital transformation in rural India.

24x7 Moneyworks's flagship platform, eKisanCredit (eKCC), revolutionizes loan origination systems for Cooperative Banks, PACS, and RRBs. By integrating seamlessly with land records, Aadhaar, eKYC, core banking systems, and ePACS, the platform automates the rural credit lifecycle.

Following two and a half years of successful pilots across various banks, the eKCC system is set for nation-wide deployment. According to Nabard Chairman Shaji K V, this strategic collaboration aims to enhance access, transparency, and efficiency in agricultural credit for small and marginal farmers.

(With inputs from agencies.)