NABARD participated in the Global Fintech Fest 2024 (GFF 24) which was held from 28 - 30 August 2024, at the Jio World Convention Centre,Mumbai. GFF 24 was addressed by Hon’ble Prime Minister, Shri Narendra Modi. NABARD had participated as the Diamond Sponsor for the event along with other premium organizations like PCI, NPCI, FCC, etc. This year's theme was,"Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient,". .NABARD conducted Fireside chats, panel discussions on various themes and also ran a Hackathon. The sessions featured distinguished panelists from Satyukt Analytics,TraceX Technologies, Incofin, Environalgae, Northern Arc Capital, Knight Fintech, SP Jain Institute of Management, Deloitte LLP, Axis Bank, CRISIL Research, IBA, MunichRe, Skymet Weather, Shakti Sustainable Energy Foundation, NSA, EQUIPPP DESI Investments, GuideStar India, Grameen Foundation, Pay Point, PayNearby, Indifi, SBI, & SatSure. T he sessions also had panelists from NABARD and its subsidiaries. The Panelists brought their invaluable insights to the table on various interventions with respect to digital financial inclusion, innovations in technology, smart farming, Social Stock Exchange (SSE) and Fintech collaborations to reach the last mile.
NABARD conducted the 'National AgriInnovate Hackathon' in collaboration with Hack2Skill, to seek innovative, digital solutions to problem statements aligned to NABARD’s mandate. The hackathon featured seven problem statements, including enhancing input access and efficiency, revolutionizing agricultural advisory, empowering farmers through price discovery, strengthening agri value chain linkages, harnessing data for agricultural growth, increasing farmer income and sustainability,and building trust and transparency in the agri value chain. Over 3,000 entries werereceived. Eldew Digital Pvt Ltd secured the top spot with its advanced ERP solution,demonstrating its expertise in digital transformation. Rashail Agro emerged as the first runner-up, and Jalyan was the second runner-up.
Stalls were set up by the Fintechs supported by NABARD and its subsidiaries viz.,
eKisanCredit, Advarisk, Bharat Housing Network, Satyukt, and Renai.
Fireside Chat / Panel discussions were held on the following topics:
1. Agri Fintech: Leveraging technology for farm-to-table finance.
2. Agriculture Data Exchange: Empowering India’s AgriTech Ecosystem with Data
and Solutions Value Chain Financing in Agriculture.
3. Does One Size Fit All? BCs for Digital and Phygital Lending
4. Smart Farming: Emerging Trends and Opportunities for Agri-tech Startups.
5. Nuances of Digital Lending (leveraging AI / ML, etc.): Need for robust risk
management and regulatory oversight.
6. Banking on Green: Transforming Financial Landscapes with Innovative Models.
7. Social Stock Exchange (SSE): A catalyst to achieve Sustainable Development
Goals (SDGs).
During the fireside chat, Shri. KV Shaji, Chairman of NABARD, emphasized the crucial role played by Fin-tech and Agri-tech in driving rural growth and digitization, marking them as key to a successful future. He highlighted NABARD's commitment to enhancing rural infrastructure, agriculture, SMEs, and MSMEs, with a strong focus on digitization.
Shri. Shaji called for collaboration among rural banks, commercial banks, and NBFCs to provide customized digitally-enabled services in rural areas, stressing that priority sector lending is vital for strengthening rural finances and ensuring village prosperity.
He affirmed NABARD's role as a patient partner in this transformation, promoting the farm producer organization movement to achieve economies of scale and integrating smaller entities into the digital economy. He invited all stakeholders to collaborate in offering innovative solutions to address rural challenges, envisioning a future where technology empowers every community.
In the panel discussion, Shri Dr. Ajay Kumar Sood, DMD, highlighted the essential role of Business Correspondents (BCs) in promoting growth in Regional Rural Banks, especially in rural areas with limited access to corporate banks. He emphasized that while digitization is crucial, BCs are vital for building trust and expanding access to financial services through phygital solutions.
Shri. Goverdhan Singh Rawat, DMD, discussed the importance of transforming the agritech sector by digitizing agriculture. He pointed out challenges like high capital costs affecting both lenders and farmers and stressed the need to reduce these costs to improve financial efficiency. NABARD's initiatives focus on using agricultural transaction data to provide tailored financial solutions, with an emphasis on centralizing data and supporting systems like Agristack to scale innovation and productivity in agriculture.
NABARD’s participation in GFF has made its presence felt in showcasing innovative digital solutions, engaging with startups and entrepreneurs, creating awareness about NABARD's initiatives. Networking with industry experts and showcasing success stories will help in elevating NABARD’s presence and visibility in the fintech space, foster collaborations, and showcase its commitment to leveraging technology for rural development.