E-Kisan Upaj Nidhi platform

07.03.2024

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Why in the news?

Recently, the Union Minister for Consumer Affairs, Food & Public Distribution, Commerce and Industry and Textiles launched ‘e-Kisan Upaj Nidhi’ (Digital Gateway).

About e-Kisan Upaj Nidhi platform:

• It is a digital gateway of Warehousing Development and Regulatory Authority (WDRA).
• It is the initiative with its simplified digital process can ease the procedure of farmers' storage at any registered WDRA warehouse for a period of 6 months at 7% interest per annum.
• This digital intervention is poised to mitigate distress sales by providing farmers with viable post-harvest storage options.

Key facts about Warehousing Development and Regulatory Authority (WDRA)

• It was established under the Warehousing (Development and Regulation) Act, 2007 and it consists of one Chairperson and two full time Members.

Mission of WDRA:

○It is to establish a negotiable warehouse receipt system in the country.

○It will make warehouse receipts a prime tool of trade and facilitate finance against it, enable banks to improve the quality of their lending portfolio

○This will help foster scientific warehousing of goods, increase liquidity in rural areas, improve supply chains, enhance grading and quality of goods and thereby ensure higher returns to depositors.

• The negotiable warehouse receipts issued by the WDRA will help the farmers to seek loans from banks against the National Warehouse Receipts (NWRs). It will also avoid distress sales of agricultural produce during the peak marketing season and to avoid the post harvest storage loss.
• 136 agricultural commodities including cereals, pulses, oil seeds, spices, rubber, tobacco, coffee etc for issuing negotiable warehouse receipts and also 24 horticultural commodities for cold storage and 9 non agricultural commodities have been notified.

                                                 Source: PIB