In order to provide sustainable solutions to the agriculture and rural development
related issues, there is a need to design and develop suite of credit and credit plus
products and services for NABARD, its subsidiaries and banking sector at large,
which will enhance NABARD’s visibility and engagement with stakeholders.
Accordingly, Strategic Planning and Product Innovation Department (SPPID) was
set up as a new department on 01 January 2020 to bring in incremental innovation
to its existing products and launch innovative products in tune with changing
financial sector landscape, clientele needs and the emerging rural landscape, keeping
in focus the mandate of NABARD.
Through its core functions, the Department provides critical insights into the
environment, creates a visible focus, reinforces proficiency and realizes shared sense
of purpose besides help in the Bank in taking informed decisions.
The scope of the department has now been expanded to cover digital and
technological interventions of NABARD in the Rural Financial Institutions.
Core functions
Strategic Planning Functions
- To ensure synergy among goals, objectives, and action plans of NABARD with its
primary tasks and responsibility
- To review the vision and mission statements and formulate short/medium/long
term plans
- To integrate new products into existing product lines based on the external and
internal business environment
- To evaluate the performance, culture, communications, etc., and carry out
necessary refinement
- To conduct stakeholder interactions, Town hall meetings, Seminars and
Conferences on topical subjects to gain greater insight
Product Innovation Functions
- To use private sector finance knowledge and deep sovereign relations of NABARD
to deliver innovative products and solutions to effectively respond to the clients’
needs
- To conduct market research on financial products & development activities and
develop conceptual framework for product development
- To examine the scope of expanding collaboration with new and emerging
partnerships with corporate and philanthropic foundations
- To conduct updated analyses on critical market constraints, improve the products
and instruments to provide tailored support to public and private sector clients by
deploying tools of data analytics
- To scale up developmental facilitation and promotional initiatives of NABARD
into business proposition
- To work in coordination with all the business departments of NABARD besides
offering solutions based on research and analytics
- To spur innovative thinking and ideation, pilot the concept of Quality Circle
Digital, technological and other interventions
- To create an Enterprise Architecture and IT Governance framework
- To digitize Kisan Credit Card loan process leading to setting up of KCC portal
- To promote banking models for agri value chain financing
- To scale up digital interventions in Rural Financial Institutions
- For supporting sustainable solutions in the form of digital technologies to overcome issues plaguing agriculture
and rural development, a Technology Facilitation Fund with a corpus of Rs.50 crore has been set up
Achievements
- Five Year Strategy Plan titled “Pragati-1.0” encompassing business, developmental & supervisory perspectives of
the Bank for the period 2023-24 to 2027-28 has been launched from 01 April 2023.
- Web portal developed for interest subvention claims of RRBs and RCBs for WSHGs under DAY-NRLM. The portal is
live from 11 January 2024.
- Web portal for settling Interest Subvention and Credit Guarantee Fee Claims under Agriculture Infrastructure
Fund (AIF) Scheme of DA&FW, GoI. The AIF Interest Subvention Portal https://aifis.nabard.org jointly developed by DA&FW and NABARD was launched by the
Hon’ble Union Minister for Agriculture and Farmers’ Welfare on 28 June 2024.
- Signed Agreement with RBI Innovation Hub (RBIH) for integration of e-KCC (LOS Portal) with Public Tech Platform
for Frictionless Credit for sanction of KCC loan by Cooperative banks and RRBs.
- NABARD has signed Letter of Intent with Asian Development Bank on 9th April 2024 for collaboration in multiple
areas. This milestone event took place during the Asia and the Pacific Food Security Forum in Manila,
Philippines, marking the beginning of a series of significant engagements.
- NABARD received the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Award for
the “CBS in Rural Cooperative Banks” initiative under the Financial Inclusion category.
- As on 31 March 2024, Cyber Insurance Policies were issued to 85 RCBs effective
from 01 April 2024. Realising the benefits of the less premium and comprehensive coverage, many banks approached
NABARD to enable them to avail cyber insurance.
Accordingly, 11 banks (including 3 RRBs) were issued the policy w.e.f.01 May 2024.
Work in progress:
- Implementation of Pragati-1.0 initiatives.
- Engaged in designing suitable digital banking products for Agri Value Chain financing.
- Discussions with Multilateral Development Banks (MDBs) for identification of potential areas of collaboration.
- Engagement with the World Bank for grounding a pilot on FPO Accelerator in collaboration with Maharashtra
government through its SMART programme.
- Digital Crop Loans-eKCC portal on a pilot basis in Cooperative banks/RRBs.
- Upgradation/extension of CBS and CBS plus services to Rural Cooperative Banks.
Contact Information
Shri Manikumar S.
Chief General Manager
4th Floor, ‘C’ Wing
C-24, ‘G’ Block
Bandra-Kurla Complex,
Bandra (East)
Mumbai-400051
Tel: (91) 022 -68120024
E-mail Address: sppid@nabard.org
Information under RTI – Section 4(1)(b)