A study on Fintech in Indian agricultural sector

Abstract

Agriculture is the primary occupation and the backbone of the Indian economy as per the report of FICCI, over 70 percent of the population in India depends on agriculture. Indian Government has been trying hard to provide financial services to the people who don't have access to these services through 'Digital Drive-, which was partially successful. But still large number of rural people especially farmers depends on traditional credit system. Presently to support farmer technologically Agri- tech is providing services. Fin-tech provides financial service to all the sectors, but there is no impact on farming sector for providing credit facilities. So the farmers are more dependent on the private lenders for loans with high interest rates for their farming needs. But due to this repayment of loan with high interest has become huge burden and is leading to suicides and deaths. The aim of the paper is to analyze the fin- tech in Agri sector and its impact in helping the farmers to fulfill their needs to lesser their burdens. This helps farmers to overcome the situations and sustain to the changes in the market.