BOB Financial Solutions Limited and CreditAI Fintech Pvt. Ltd. a Singapore and Bangalore based farmer digitization and credit scoring company have launched Unnati. It is a co-branded credit card for the farmers of the country on the Visa network. This card is a product of by the wholly owned subsidiary of Bank of Baroda.
The Unnati Credit Card will allow the farmers to avail agricultural products whenever needed during the farming cycle. Farmer Producer Organisations will train and empower the farmers understand and avail the features of this card. This credit card will work in a closed-loop system with an end-use monitoring feature to both enable and trace agricultural credit to the last user.
CreditAI’s mobile application and inputs shop management system will check that the use of credit is primarily for purchase of products from the FPO owned shops. The Unnati Credit Card is designed to allow farmers to use the credit amount on rotation basis to avoid delays in renewals. Initially, a base credit limit will be provided and over time, once the farmer’s credit profile improves with more transactions and repayments, this limit can be increased.
CreditAI aims to positively impact the lives of hundreds of thousands of farmers using the Unnati Credit Card. It will be launched in Karnataka and scaled to Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu and the other states.
