After Hon’ble Prime Minister’s clarion call to transform India into a new modern and cashless society, GNFC undertook it as a mission to implement the vision of a cashless society. The organization swung into action and was at the forefront of the nationwide drive to transit to a cashless society in which a majority of the transactions are done using digital means. Through awareness, advocacy, training and digital infrastructure building, GNFC facilitated a pan-organization transition to e-economy. Post-demonetisation, GNFC’s driving force of the endeavour was to rapidly institutionalize a cashless ecosystem, to protect and promote business and transactions conducted by thousands farmers and retailers. In doing so it became the first fertilizer company in the country to have achieved this task. GNFC not only became a cashless ecosystem in the company but also transitioned its township in Bharuch district to a cashless one. The innovation in this lay in the company having achieved a first-of-its kind transition in the industry and within a tight timeframe of ten days.
The initiative undertaken is innovative in the manner in which it conceptualized, implemented and managed the entire transition. GNFC with support from (n)Code, its IT wing, integrated multiple platforms in a manner which was compliant with the audit and taxation regime, and gave flexibility and a range of options to its mass customer base.
In doing so, it was able to overcome the challenge of IT, banking and the telecom sector’s inability at the time to meet the spurt in demand that arose due to the circumstances. It also helped its stakeholders ride over the non-availability of adequate equipment, and the monopoly of services and devices offered by service providers.
The biggest outcome and achievement of this innovation lies in its support to stakeholders and customer base ride over the inadequacy of cash availability and buoying businesses from dipping. The replicability of this model across townships was given the stamp of approval from NITI Aayog. GNFC’s deployment model was emulated across 80+ townships in India to promote and adopt Digital Payments, which was inaugurated by the Prime Minister in Nagpur on April 14th 2017. As of today, over 75 townships have been instituted to become cashless.
In short, GNFC’s move to go cashless aligned GNFC’s vision with the Prime Minister’s envisaged vision of a cashless economy and cashless India. Many consider this as the beginning of a new era, the cashless era, and GNFC has become the beacon of light for the ‘cashless’ economy, and is definitely a leader in the deployment of digital payments.