Regular Update
ATM News Network: Axis Bank, Indias third largest private sector bank has joined Bayers Better Life Farming initiative in India to provide enhanced and holistic financial solutions to smallholder farmers and rural farming communities. Through the partnership, Axis Bank will offer a wide range of end-to-end financial solutions and services like affordably priced loans, deposits, withdrawals, payments etc. Digital financial solutions and doorstep delivery of these services will be an integral part of the Banks offering to ensure convenient and hassle-free transactions.
These solutions will be offered through Bayers Better Life Farming centre which is owned and operated either by a Farmer Producer Organization (FPO), Federation, agri-graduate or a local farmer/entrepreneur. Better Life Farming (BLF) is a global, multi-stakeholder alliance, which works with partners across the agri-value chain to support smallholder farmers in developing economies to increase crop yields and farm incomes. Launched globally in April 2018, the BLF alliance has global partners that include – Bayer with its expertise in seeds, crop protection and agronomy; IFC, the development finance institution for impact assessment; and Netafim for drip irrigation technologies.
In India, the BLF alliance works with additional local partners including Yara Fertilisers for soil and nutrient management; DeHaat, AgriBazaar and Big Basket as off-takers; and Tata Trusts for improving rural livelihoods and promoting self-reliant agri-entrepreneurship. Speaking about the partnership, Amitabh Chaudhry, MD & CEO, Axis Bank, said, “Axis Bank has made significant investments and commitments to empower rural communities and smallholder farmers. To strengthen these objectives further, Axis Bank has partnered with Bayer to combine forces and work together in addressing the diverse challenges faced by these communities.
We have invested in providing end-to-end financial solutions for the agrarian and rural population, which have been built on the backbone of sound digital and technology capabilities to deliver secure financial products and seamless services. This partnership achieves multiple goals including promoting rural entrepreneurship and delivering holistic financial solutions under one roof, at the doorstep of the rural community.
Currently, 150+ Better Life Farming centre is operational in India in the states of Uttar Pradesh, Jharkhand and Bihar with plans to expand to West Bengal, Odisha, Madhya Pradesh, Maharashtra and Rajasthan. By 2025, the BLF initiative aims to empower 2.5 million smallholder farmers in India by providing them access to modern agri-inputs and improving their standard of living. These smallholder farming communities will be served by 5,000 agri-entrepreneurs across horticulture, corn and rice.
