India-based Bank of Baroda (BOB) has partnered with Indian Farmers Fertiliser Cooperative Limited (IFFCO), a fertiliser cooperative federation, to offer co-branded debit cards to peasants in the country.
To this effect, a memorandum of understanding (MoU) has been inked between BOB and IFFCO recently. The initiative seeks to drive digitalisation and cashless economy in the country.
As per the MoU, 200,000 co-branded debit cards with inbuilt overdraft facilities of INR2,500 ($37.35) will be issued to the farmers.
At the outset, the cards will be issued to peasants with the state of Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh. Subsequently more cards will be issued across rest of India.
These co-branded debit cards will be used to purchase the IFFCO products.
The bank will also offer 2,500 PoS terminals initially at the various locations across India, as recommended by IFFCO.