08 February 2017 Current Affairs: In a novel initiative that would push digitalisation and cashless economy, Bank of Baroda (BOB) has tied up with IFFCO, a cooperative, to provide co-branded debit cards with inbuilt overdraft facilities to the farmers.
In this regard, a memorandum of understanding (MoU) was signed between G.B.Panda, General Manager (government relationship) BOB and Yogendra Kumar, General Manager (Marketing) IFFCO here on Tuesday.
Under this MOU, two lakh co-branded debit cards will be issued to the farmers beginning with the state of Uttar Pradesh, Bihar, Rajasthan and Madhya Pradesh. Subsequently more cards will be issued across rest of India.
These co-branded debit cards will be exclusively used for the purchase of IFFCO products only.
BOB has agreed to issue the co-branded debit cards to the farmers with an overdraft limit of Rs 2,500 per cardholder.
BOB will also provide 2500 PoS machines initially at the various locations across India recommended by IFFCO at mutually agreed terms and conditions.