ReMS
Rashtriya e-market Services Ltd. (ReMS), a joint venture between The State Government of Karnataka and NCDEX e-Markets Limited (NeML), was incorporated in January 2014 under Public Private Partnership. With this Karnataka became the first state in India to successfully implement the UMP
Over 170 plus mandis in Karnataka have implemented the UMP with the help of ReMS. ReMS provides online access to all participants in the APMC markets in the state holding the unified market license from the state government.
The main aim of the UMP was to implement the State's new agricultural marketing policy & to bring in efficiency and transparency in the agricultural marketing system for efficient price discovery to benefit farmers and other market participants.
Beneficiaries from this initiatives have been mention in an Impact Study titled “Benefits from the NCDEX Platform to Primary Markets in Karnataka. Some of the benefits are mentioned below:
- Farmers have started getting better prices for their produce.
- Farmers say that the price discovery is transparent now.
- Farmers and traders have become familiar with computers and online auctions.
- Farmers have greater bargaining power over traders.
- Farmers have better understanding about banking.
- Direct electronic fund transfer from buyer to seller.
- Maintenance of mandi trading records has become computerized.
- APMC revenue has increased due to online transactions.
Karnataka Chief Minister said it would be a step to empower farmers. Licensed traders could bid online from anywhere in India and farmers would have the right to accept or reject the price. This will led to "scientific" price discovery by the farmers themselves, breaking the hold of middlemen.