Nabard buys 10% stake in 24×7 Moneyworks to boost rural credit digitisation

The National Bank for Agriculture and Rural Development (Nabard) has purchased a 10 percent share in the agri fintech startup 24×7 Moneyworks Consulting Pvt Ltd.

This signifies Nabard’s initial investment in a bootstrapped startup, underscoring its dedication to digital transformation in rural India, the leading rural credit institution stated.

The flagship platform of 24×7 Moneyworks Consulting Pvt. Ltd, eKisanCredit (eKCC), is a completely digital loan origination system aimed at Cooperative Banks, PACS, and RRBs, as stated. The eKCC platform works effortlessly with land records, Aadhaar, eKYC, core banking systems, and ePACS, allowing for comprehensive automation of the rural credit lifecycle, as mentioned.

In the last two and a half years, Nabard has tested eKCC with different banks, and the system is now prepared for a nationwide launch, it stated.

“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,” Nabard Chairman Shaji K V said.