Neokred, an Open Banking Stack which offers curated versions of issuance in the payment ecosystem joined hands with Virenxia, who provide integrated and sustainable solutions towards rural transformation and development. Together, they plan to develop a comprehensive solution to provide an exclusive payment card for Indian farmers, The Kisan Card (the Farmer’s card). This project is focused on providing a robust financial platform for rural areas that facilitates economic empowerment. All of this is encompassed in Virenxia’s Rural Reboot mission which is centered around bettering the lives of those in rural areas, improving infrastructure in said areas and stimulating the rural economy.
The Kisan Card serves as a catalyst for expanding and introducing banking services to remote and last-mile rural areas, as well as encouraging and promoting farmer-focused government programmes. It can be used in conjunction with digital payments, lending, and banking in a box along with many other unique and diverse features geared toward rural users.
The association will serve to be the financial engine for Virenxias’ entire Pan-India Rural Reboot program and provide platform-based financing for farmers. This will be powered by Neokreds’ engine, backed by data security, blockchain technology and integrated with governmental bodies, banks, financial Institutions, NBFCs (non-banking financial company) and development finance agencies. All business accounts, farmer personal accounts, insurance and credit appraisals will operate on this tech platform, to solve the financial crisis of farmers. When run on Virenxia’s E4 (Earths Enablement and Empowerment through Enterprise) platform, this will enable Virenxia to facilitate and assist every step in the farmer’s journey, exclusively providing agri inputs, technology solutions and the ability to offer a yield guarantee and an income guarantee for farmers, handling of NPAs (non-performing assets), as well as implementing smart contracts and AgTech solutions.
Satyam K. Bose, Chairman and CEO, Virenxia commented, “The sustainable revolution cannot just be proclaimed; we have to make it happen.”
Speaking on The Kisan Card, Tarun Nazare, Co- founder and CEO, Neokred expressed, “We wanted to ensure that the credit requirements of our farmers were being met, hence, we offered a helping hand to Virenxia for their ‘Kisan Card’. This card has been specially designed to provide financial support to the farmers in our country. We are happy to be the tech enablers for Virenxia in this initiative. With this initiative, we hope we will be able to introduce banking services to the remote areas as well.”