Context:
The National Bank for Agriculture and Rural Development (Nabard) has made its first-ever investment in a bootstrapped startup, acquiring a 10% equity stake in 24×7 Moneyworks Consulting Pvt Ltd. The startup operates eKisanCredit (eKCC), a digital loan origination and automation platform for cooperative banks, PACS, and regional rural banks (RRBs).
About eKisanCredit (eKCC)
- A fully digital loan origination system, enabling end-to-end automation of the rural credit process.
- Seamlessly integrates with:
- Land records
- Aadhaar & eKYC
- Core banking systems
- ePACS platforms
- Piloted by Nabard across banks for over 2.5 years, and now ready for nationwide rollout.
Strategic Importance of the Investment
- Shaji KV, Chairman of Nabard, emphasized that eKCC:
- Enhances access to agricultural credit
- Improves transparency and efficiency
- Promotes inclusive banking services for small and marginal farmers
- GS Rawat, Deputy Managing Director, added:
- The move highlights the need to empower last-mile financial institutions through scalable digital innovation.
Other Innovations by 24×7 Moneyworks
- Developed AIFIS (Agriculture Infrastructure Fund Information System):
- Manages interest subvention claims
- Enables real-time validation and disbursement of funds
