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eMoney News

Indian farmers to 'profit' from eMoney solutions
17 Aug 2010

Indian farmers could soon profit from eMoney solutions, it has been revealed.

Silkworm farmers in Bangalore will be able to use smart cards to sell their goods at auction and receive funds, reports the financialexpress.com.

Currently, government officials run the auctions and often demand a commission for the service before passing on the funds to the farmer.

The new scheme would only allow smart card holders to enter the auction, while funds would be loaded onto ATM machines so farmers can withdraw them at a later date.

Mr Venkataramanappa, minister for small industries and sericulture, claimed the new programme would give more power back to farm workers.

He told the news provider: "The entry of farmers into the market, weighing of produce, auctioning of items and money disbursement - everything will be automated and can be handled completely by the farmers."

Technology provider NCR will launch the scheme in five cocoon exchanges across Bangalore over the next two months.