What role can Fintech with AI play in the lives of Farmers?

India’s economy is mainly agricultural. The contribution is more than 50% of the economy. Some of the Indian agri-fintech companies, such as Jai Kisan, Unnati, Farmart, Hesa, etc., actually help farmers gain financial inclusion.

Sidhharth Mehta IL&FS former director and CIO at Bay Capital,'s views on fintech are also relatable to this. Since Bay Capital has invested in Digital India, the digitalization of the primary sector is also essential in making the economy fully digital.

Sidhharth Mehta IL&FS former director, has also expressed his views on the digitalization of the agricultural sector. He believes that for the overall progress of digitalization, making agriculture a digital one is crucial.

Jai Kisan was founded by Arjun Ahluwalia and Adriel Maniego with the aim of providing a full stack of banking experience to rural farmers. They founded this in 2017. Agri-fintech companies will help expand the green economy and green finance. Fintech has the possibility of bringing a revolution to farming.

From the below points, we can understand the impact of fintech and AI in farming:

  • 1.     Fintech can easily provide access to finance to farmers in a digital way. The farmers can easily apply for loans as per convenience, rather than time-consuming traditional paper work and delayed approval.

  • 2.       AI with fintech will solve many problems for farmers with respect to making remote sensing more advanced for monitoring crops for high yield.

  • 3.       A data-driven approach with the usage of advanced technology and fintech will let farmers make informed decisions regarding irrigation, pest management, fertilisation, and enhancing productivity.

  • 4.       Safety in receiving payments: Digital payments, now with more advanced AI and with more safety, will allow farmers to receive the payment in a digital way, reducing the risk associated with handling cash.

  • 5. Fintech will make supply chain financing or management easy for farmers; now they can receive early payments for their productions.

  • 6. Fintech will provide farmers with real-time market information regarding price information and the latest trends in the market, so by this time, the farmer will turn digital.

CDAC (Centre for Development of Advanced Computing), operating under the Ministry of Electronics and Information Technology, Government of India, is developing "Krishi Mantrana," an AI-based multimodal dialogue system that allows farmers to ask their queries in Hindi and Bengali related to agriculture and animal husbandry. The inclusion of advanced AI in "Krishi Mantrana," although it is already an AI with limited features, will make it more advanced in assisting the farmers.

In conclusion, we can say that fintech with AI can bring transformative changes to traditional farming. It can provide farmers with all the information related to farming and keep them up-to-date with all the changes taking place in the market and its latest trends. It also provides farmers with all the financial solutions they need from time to time. It helps farmers boost productivity, profitability, and sustainability. So it will not be wrong to say that the next fintech revolution will be agricultural finance.     

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