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LEAF, IFFCO Kisan Finance to bring organised financial service access for marginalised farmers
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Tuesday, 16 August, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Lawrencedale Agro Processing (LEAF), India’s premier full-stack agriculture technology services major, has entered into strategic partnership with agriculture focused IFFCO Kisan Finance Ltd., to enable the much-needed organised financial services to marginalised farmers.
IFFCO Kisan Finance is a non-banking finance company, promoted by Indian Farmers Fertiliser Cooperative Limited (IFFCO), a leading player in the agriculture inputs sector.
The access to organised and structured financial services is among the key gaps which the Indian agriculture sector is facing. As a result of dependence on unorganised and prohibitively high cost of finance, the Indian farmers are regularly in a debt trap for majority of their lives.
Both companies will be enabling and driving positive social impact through innovative, affordable financial services, by introducing a slew of structured, customised financial products and services to the marginalised farmers.
Palat Vijayaraghavan, founder & CEO, LEAF, said, “There is pain for the marginalised farmer in each and every step. Right from soil preparation to choosing the various inputs for better cultivation of the crops and till the last mile of liquidating the harvest, the farmer’s lifecycle is under strain. Given the fact there is no authenticated trail of transactions, the process of securing organised financial offerings is tough. We are driving transparency through our tech-enabled platform, LEAF Farmer Network (LFN), powered by Mastercard, which brings in the complete visibility and makes the farmers credit-worthy for organized financial services. Our intervention through partnership with IFFCO Kisan Finance enables us to open new doors for farmers and empowers them to lead their lives with dignity.”
Both companies will dovetail organised financial access along with significant new flavours of scientific advisories for farming, empowering the marginalised farmers with just the right amount of farm inputs followed by step-by-step support in striving to grow the best harvest possible.
Ranjan Sharma, MD, IFFCO Kisan Finance, said, “We are delighted to partner with LEAF in our journey to bring about significant positive impact for the marginalized farmers. IFFCO Kisan Finance’s DNA is to bring in sustainable options to finance the farmers’ income generating needs and to enhance their livelihoods. We will support LEAF’s efforts in building customised products to ensure that the marginalised farmers achieve sustainable livelihood growth.”
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