Uttar Pradesh farmers to get 4.2 mn RuPay credit cards

NABARD sanctions Rs 30 cr to these financial institutions for the purpose

Uttar Pradesh cooperative banks and regional rural banks (RRB) would issue about 4.2 million RuPay Kisan Credit Cards (RuPay KCC) to farmers across the state.

The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 30 crore to these financial institutions for the purpose. The RuPay KCC is a smart card used by farmers at automated teller machines (ATMs) or point of sales machines, where it could be swiped for withdrawing cash or making payments. It does away with the necessity of visiting Primary Agriculture Cooperative Societies or bank to operate the account.

Under the project, Nabard has extended support of Rs 19 crore and Rs 11 crore, respectively, to all seven RRBs and 15 cooperative banks operating in the state.

To ensure doorstep delivery of banking services to farmers, Nabard has also supported these financial institutions to deploy over 11,000 micro-ATMs/PoS machines at all their branches.

Nabard regional office holds regular meetings to review the progress made under the scheme.  Advising banks to improve implementation of the project, Nabard has assured assistance of Rs 5 crore to cooperative banks in setting up over 100 ATMs in rural areas and utilising PACS as their Deposit Mobilising Agents.

Nabard support for technology adoption in cooperative banks and RRBs would benefit not only farmers, but also rural populace in general, who have opened accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY).

Besides, Nabard has supported cooperative banks and RRBs to set up 189 financial literacy centres in rural areas of UP with grant of over Rs 8 crore for disseminating information and creating awareness on various financial products and services.