E-NAM

0
Regal Wallet Banner

E-Nam is an online agricultural commodities trading platform in India. It helps farmers and traders trade goods at better prices. They offer over 90 different commodities on the platform including grains, vegetables, and fruits. Farmers weigh the goods after harvest, put the stock up for sale on the platform, and the payments take place online. The E-NAM mobile app offers a MIS dashboard and users the possibility to pay via their smartphones. Most trading through the platform happens intra-market. Users can trade themselves or via registered commission agents. 

E-NAM

History of E-NAM

The Ministry of Agriculture, appointed by the Government of India, launched the platform in 2016. The Small Farmers’ Agribusiness Consortium (SFAC) manages it. 1000 Agricultural Produce Market Committees across 18 states and 2 union territories are connected to the platform. 22,000 local farmer markets will join the platform in the future. 

Technology of E-NAM

All trading takes place online, either through desktop PCs or the E-NAM Android app. Payments go through the RTGS/NEFT payment network. This network enables traders to use their credit or debit cards to pay for goods. The Unified Payment Interface offers traders the option to pay via their own internet banking. Farmers can see their lot being traded in real-time and receive updates about the bidding progress. 

Where do people use E-NAM?

People use E-NAM the most in Uttar Pradesh, Madhya Pradesh, Haryana, Maharashtra, Gujarat, Telangana, and Punjab. 

Goals of E-NAM

The goals of the Ministry of Agriculture of India are to turn E-NAM into a national e-market platform where sales of agricultural products take place transparently and to liberate licensing of traders, buyers, and commission agents. An important goals is also to harmonise the quality standards of agricultural products across the country and to introduce a single point levy of market fees.

Advantages of E-NAM

The advantages of E-NAM for farmers are that they can sell their products without brokers or middlemen. For traders, the advantages of E-NAM are that they can conduct secondary trading more easily. For buyers, the advantages of E-NAM are that they can buy from their phones from the farmers which reduces costs and doesn’t require them to be physically present. For all the parties involved there will be less bookkeeping required as all reports are generated on auto-pilot within the platform. 


Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best online brokers. Trading platform, fees, mobile trading, payments, assets, regulation, education, and research are all part of our six-month evaluation of a broker’s trading platform. The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

Previous articleConnect2India
Next articleIsland ECN
Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

LEAVE A REPLY

Please enter your comment!
Please enter your name here