Federal Bank signs on agri fintech start-up KiVi as Banking Correspondent

Current Context: Federal Bank has entered into a Banking Correspondent agreement with Chennai-based KiVi, an agri fintech start-up operated by Agrosperity Tech Solutions, with a view to scaling and expanding its agri lending portfolio in Tamil Nadu.

• Under the agreement, KiVi will acquire, service and augment Federal Bank’s underwriting capability. This partnership is expected to bring affordable, timely and convenient credit to farmers and agri MSMEs.
• The agreement is aimed at providing small-value loans to small and marginal farmers, and facilitating efficient credit flow to underserved rural populations
• The agreement is also seen as a crucial step for India to achieve its budgeted agriculture credit of 20 lakh crore.

Question:

Q.1 Which bank has entered into a Banking Correspondent agreement with KiVi?
a. HDFC Bank
b. ICICI Bank
c. Federal Bank
d. Axis Bank