BPC's agri marketplace, Safal Fasal, wins the 2020 RBI award for diversity and inclusion
On the occasion of the 2020 Retail Banking International Conference & awards, BPC and its agritech marketplace Safal Fasal took home the award for Diversity and Inclusion .
The digital platform Safal Fasal, an SME Marketplace for farmers and cooperatives in India has today onboarded over 100,000 farmers who get access to buyers, and a range of equipment, advisory services and financing solutions to help grow their business. Following a successful pilot phase which ended in March 2020, Safal Fasal is fully operating and demonstrating great success, not only on the number of farmers onboarded but also in terms of volumes transacted on the platform. It was crucially supportive during COVID-19 as farmers and their supply chain got hit during and after the lockdown phase.
The marketplace is inclusive in many areas. Firstly, it welcomes cooperatives and farmers who own very small parcels of land, bringing them back to a formal economy. Secondly the platform enables financial inclusion through its partners ICICI and Fino Payments Bank among many others. Thirdly, Safal Fasal has focused on onboarding groups of female farmers. Close to 1,500 have joined the program and increased their income in only few months despite the market conditions.
Held on 24th June 2020, the award ceremony saw leading banks and fintech such as DBS, EmiratesNBD, Akbank and Union Bank of the Philippines, being recognised for their innovative initiatives aside of Safal Fasal.