Guwahati: BOB Financial Solutions Ltd (BFSL), a wholly-owned subsidiary of the Bank of Baroda (BoB), and CreditAl Fintech Pvt Ltd (CAI), a Singapore and Bengaluru-based farmer digitization and credit scoring company, have launched Unnati, a co-branded credit card exclusively for farmers, stated a press release.

The card has been launched as a contactless offering on the Visa network.

The Unnati Credit Card will empower farmers to avail agricultural inputs in time, at any time during the cultivation cycle. The farmer producer organizations (FPOS) will further help farmers understand and avail the benefits of this card. The credit card will work in a 'closed-loop system' with an 'end-use monitoring' feature to enable and trace agricultural credit to its last mile.

CreditAl's proprietary mobile app and inputs shop management system will ensure that the end-use of credit is primarily for the purchase of inputs at FPO owned input sales shops. The Unnati Credit Card is uniquely designed to allow farmers to use credit a rotation basis so that it avoids delays in renewals.

Initially, a base credit limit will be provided and over time, once the farmer's credit profile improves with more transactions and repayments, the limit could be increased based on the farm er's credit score and their actual cultivation