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ERGOS launches “GrainBank loyalty cards for farmers”
Posted on April 2, 2022
“GrainBank” is a post-harvest solution based on farmer relations for farmers to digitize their grain, which is directly accessible to lenders and processors, and can buy online directly from them with the click of a button.
New Delhi/ Patna: fresh from the farm! The commodity market is once again in turmoil with the harvest of wheat and corn in the fields and sales starting on the ‘GrainBank’ technology platform (developed by Ergos). It is the first time in the history of India that farmers have direct access to a cutting-edge technology platform “GrainBank” to gain valuable information and income on their agricultural products.
Mr. Ashutosh Sinha, Business Manager, Ergos Business Solutions Pvt. Ltd., quotes: “GrainBank is a farmer relationship-based post-harvest solution allowing farmers to digitize their grain, which is directly accessible to lenders and processors, and can buy online directly from them in one click; or if the farmer chooses to delay his sales, he can borrow digitally at minimal interest rates directly from the bank; and in doing so, GrainBank is able to analyze farmer profiles and their crop data, which helps analyze the most appropriate services in the most cost-effective manner.
Mr. Kishor Jha, CEO and Director, said, “We are GRAINBANK, which uses technology, digitizes grain, connects through Fintech and gives farmers access to digital payments, predicts prices through “Price Intelligence and AI-based tools. The technological warehouses are synchronized with the cloud and the data is transmitted to the server. Warehouses have a kiosk like GrainBank ATM/LOYALTY CARD, and farmers use smartphones to access their deposits. ERGOS uses Smart Tab to enter stock and quality is checked on IoT-based instruments. It has weather detection tools, which allow GrainBank to operate in the most efficient way and billions of data points are generated. He further adds, “About 86% of farmers in India are small and marginal farmers, who lack the resources and knowledge to store their produce properly, resulting in post-harvest loss of grain as well as deterioration of the grain quality. The “GrainBank” model from Ergos gives farmers the flexibility to store/remove a single bag of grain. Uniform grain quality and digitization of stored grains make them fungible and help aggregate demand and supply.
Proper storage eliminates the risk of grain loss resulting from improper storage by farmers. Ergos also facilitates credit and market linkages for farmers who store their grain there. Thanks to the credit facility, farmers can benefit from immediate liquidity; where they don’t have to sell their produce during the harvest season when prices are at their lowest. They can use the Ergos platform to sell their products out of season, which brings them a better income. All this, directly at Farmgate!