The National Bank for Agriculture and Rural Development (Nabard) has acquired 10% equity in agri-fintech venture 24×7 Moneyworks consulting, for an unspecified amount.
This is Nabard’s first-ever investment in a boot-strapped start-up, according to an official statement.
The fintech ventur’s flagship platform, eKisanCredit (eKCC), is a digital loan disbursal system designed specifically for cooperative banks, primary agricultural credit societies (PACS) and Regional Rural Banks (RRBs). The platform integrates farmer’s land records, Aadhaar, eKYC, core banking systems and ePACS.
“eKCC has demonstrated the potential to improve access, transparency, and efficiency in dispensing agricultural credit. This strategic collaboration will help cooperative banks, PACS and RRBs deliver faster, transparent, and more inclusive credit services to small and marginal farmers,” Shaji K.V., Chairman, NABARD, said.
eKisanCredit operates as a digital agricultural loan marketplace which allows users to conveniently submit their loan applications, which are then evaluated by lenders. The startup has also developed a digital platform to manage interest subvention claims under the Agriculture Infrastructure Fund (AIF). The platform ensures real-time validation and disbursement of interest subvention claims.
At present there are 7.71 crore operational kisan credit card (KCC) holders. This includes1.24 lakh and 44.4 lakh KCCs issued to fisheries and animal husbandry activities, respectively.
Under the modified interest subvention scheme (MISS) of the agriculture ministry, farmers holding KCCs are provided short-term agri-loans of up to Rs 3 lakh at 7% interest per annum to meet working capital requirements. The scheme provides additional interest subvention of 3% for prompt repayment, reducing the effective rate of interest to 4%.
If the short-term loan is taken for allied activities other than crop husbandry, the loan amount is limited to Rs.2 lakhs only. However, for 2025-26, the government has announced that the agri-credit limit is being enhanced to Rs 5 lakh annually. MISS also includes post-harvest loans against negotiable warehouse receipts (NWRs) for small holders farmers with KCCs.