Money & Banking

Banks told to give farmers smart cards for easy access to credit

Satyanarayan Iyer Mumbai | Updated on November 15, 2017

The Reserve Bank of India has asked commercial banks, regional rural banks and cooperative banks to give farmers smart cards/ debit cards so that they can access credit with ease.

With the cards, the farmers can access credit from ATMs and from points of sale (PoS) directly to meet their immediate operational requirements. This move comes as a need was felt to align the Kisan Credit Card (KCC) scheme to current requirements, said a RBI circular.

The RBI has announced a new KCC scheme based on the recommendations of a working group headed by Mr T.M. Bhasin, Chairman and Managing Director, Indian Bank.

>satyanarayan.iyer@thehindu.co.in

Published on May 12, 2012

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