Circular
nrnayak/paradeep/iffco
Created: 23/06/2017 13:13
IFFCO-Paradeep

Circular Title:

Digital Bank Accounts_ IFFCO KISAN Initiative to open Airtel Payments Bank Savings Accounts*

Deptt./Section:

System*

Never Expired : Yes

Dear All,
As you are all aware, digital initiatives are on IFFCO's priority to empower our cooperatives and farmers. Several initiatives have been launched in the recent past. Financial Inclusion is an important focus area which can transform the lives of our farmers. IFFCO is launching concrete measures to help our stake holders to make a smooth transition and seamless adoption to this emerging mode of payments and receipts. Digital payments offer great convenience, flexibility and efficiency, and it is our bounden duty to educate our cooperatives and farmers to adopt this mode quickly and benefit from it. IFFCO KISAN Sanchar Ltd (IFFCO KISAN) is actively involved in this task. Bharti Airtel has recently launched Airtel Payments Bank Limited (APBL) as a joint venture with Kotak Mahindra Bank, which is India’s first Payments Bank. APBL, in association with our joint venture IFFCO KISAN are actively working to help increase the usage of digital payments in rural and semi- urban India. Campaigns are being organized to educate and enrol farmers, cooperatives, as well as, all employees at HO, Marketing Division, and Production Units.
Some of the key offerings of APBL digital savings bank accounts are:

· Easy accessibility: Instant Account opening in less than 3 minutes with minimal documentation (Only Aadhaar & Biometric scan)
· Convenience: Cash withdrawal at any of the 6 Lacs banking point or use Airtel App / virtual card to make payments for goods & services
· Earning & growth: Attractive 7.25% interest rate on savings accounts
· Benefits: Free personal accident insurance cover of INR 1 Lacs
· Network effect: Additional benefits from Airtel (e.g. For every rupee that you deposit, you get equivalent talk time)
· Specialized services: Only Payments Bank enabled for Direct Benefit Transfer (DBT) providing instantaneous disbursal
· Payments ecosystem: Fast growing merchant ecosystem both online (e.g. LIC, IRCTC, goIbibo, Zomato) and offline (e.g. Café Coffee Day, Haldiram, Pizza Hut) including stand-alone / single proprietorship shops & sale points

. Migratory Contract Labour can use their APBL bank accounts to transfer funds home electronically.

Mr Sandeep Malhotra, CEO, IKSL will be coordinating this activity. You will be shortly contacted by the concerned officials of IFFCO Kisan for running campaigns at your location to enrol customers for APBL Account. You are requested to extend necessary support for the same and help this facility reach all our stake holders. In view of the relevance/ importance of deriving benefits from this new mode, please encourage all employees as well as contract labour to enrol for APBL and also help our farmers to adopt it extensively.

Regards.

Rakesh Kapur