Under the scheme, insurance of animals would be necessary and the borrower will have to get life insurance equivalent to the loan amount
The National Bank for Agriculture and Rural Development (NABARD) on Thursday said it has partnered with Reserve Bank's arm RBIH to put in place a system which will enable faster processing of agricultural loans. NABARD said it will integrate its e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card (KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs). "The digitisation of agricultural lending will ensure instant doorstep delivery of credit to farmers while improving the efficiency of banks, advancing NABARD's mission of fostering rural prosperity," NABARD chairman Shaji K V said. The partnership agreement was signed by the NABARD chairman and Rajesh Bansal, CEO, RBIH. Through the integration with PTPFC, about 351 district and state cooperative
The net advances grew by 18.5 per cent YoY and 3.9 per cent QoQ. Deposits stood at Rs 13.3 trillion, with CASA ratio at 39.4 per cent down 20 bps sequentially
Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on Saturday to review the financial performance of lenders. PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), sources said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. She will also discuss on measures to improve customer service and cyber security, sources said. The finance minister would also review financial inclusion, credit growth, asset quality, and business growth plan of banks for the next financial year, the sources said, adding non-performing assets (NPAs) and the reco
Government launches Kisan Rin Portal under the Kisan Credit Card scheme to revolutionise the agriculture sector of India, along with the weather information Network Data Systems (WINDS) portal
Union Finance Minister Nirmala Sitharaman will hold a meeting with chairpersons and senior officials of RRBs from the Northern region in New Delhi on Wednesday
Axis Bank will offer Kisan Credit Card (KCC) and unsecured micro, small and medium enterprises (MSME) loans to customers, powered by the PTPFC platform
The Platform is being developed by Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI
Loans being given to farmers under the Centre's Kisan Credit Card Scheme will be extended to fisherfolk as well, Union Minister Parshottam Rupala said here on Monday. The Union Minister of Fisheries, Animal Husbandry and Dairying was speaking at an event to mark the third phase of the 'Sagar Parikrama' initiative at Satpati. "Under the Pradhan Mantri Matsya Sampada Yojana, Prime Minister Narendra Modi has made available funds to the tune of Rs. 20,000 crore. Moreover, 7 per cent loan under Kisan Credit Card scheme will be given to fishermen as well," he said.
Central bank to consider findings of pilot projects before decision, he says
Project aims to prune costs and turn-around time for borrowers, will entail automation of various processes within banks and integration of their systems with those of service providers
To transform rural credit delivery system, the Reserve Bank has decided to launch pilot projects to digitise Kisan Credit Card (KCC) in Madhya Pradesh and Tamil Nadu. Based on the learnings from the pilot, it is planned to expand the digitalisation of KCC lending to other districts in these two states and gradually across the country, the RBI said in a statement. The pilot project would entail automation of various processes within banks and integration of their systems with the service providers, it said, adding, the proposed digitalisation of the KCC lending process will make it more efficient, reduce costs for borrowers and reduce turn around time (TAT) significantly. The TAT from loan application to disbursement has also been rather high, ranging from two to four weeks. Rural credit is closely related to inclusive economic growth, as it caters to the requirements of agriculture and allied activities, ancillary industries, small businesses, etc. At present, it said, the process
Government data indicates that less than 40 per cent of MSMEs borrow from the formal financial system
In order to provide short term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent per annum, the government offers interest subvention of 2 per cent annually to banks
Union Minister of State for Fisheries, Animal Husbandry & Dairying, L Murugan has said that Kisan Credit Card Scheme will be extended to fishermen to provide them loans at low interest rates.Addressing 'Fishermen Convention' organised by Kerala Pradesh Fishermen Group (BMS) at Munambam in Kochi on Monday, the minister said that the commitment of the Central government towards the fishermen was evident in the fact that it has created a separate department for Fisheries and set apart Rs 20,000 crore for the Aatmanirbhar Bharat Campaign.The MoS said, "For the first time in independent India, Prime Minister Narendra Modi has sanctioned Rs 20,000 crore for fishermen in the Atmanirbhar Bharat project."He added that the government has earmarked Rs 7.5 crores to set up integrated fishermen villages with schools, healthcare facilities, etc.He further announced that the fuel subsidy for the fisherman will continue and said that the Union government has sanctioned Rs 246 crore for ...
Union Minister Parshottam Rupala on Sunday said the Centre will soon start a massive campaign to raise awareness about the Kisan Credit Card (KCC) for fishermen in the country
The standard operating procedures (SOPs) for extending the benefits under the Kisan Credit Cards (KCC) to all fishermen were getting ready, Union Minister of State L Murugan said here on Sunday.
The department is coordinating with banks to remove their apprehensions about issuance of KCC to livestock and dairy farmers, he said
The Finance Ministry said banks have sanctioned over Rs 1 trillion concessional loans to Kisan Credit Card (KCC) holders to help farmers meet financial requirements during the COVID-19 crisis.
The maximum amount of guaranteed emergency credit line (GECL) funding under the scheme would also correspondingly increase from Rs 5 crore at present to Rs 10 crore