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Monday, December 17, 2012

IDBI Bank launches ‘kisan credit smart card’

Public sector lender IDBI Bank has partnered with National Payment Corporation of India (NPCI) to launch the ‘Kisan Credit Smart Card’ (KCSC) to provide adequate and timely credit to farmers under a single window.

Under this facility, farmers can avail themselves of assistance to meet their credit needs for agriculture and allied activities, such as, cultivation of crops, consumption requirements of farmer household, post harvest expenditures etc, with flexible and simplified procedures, the bank said in a statement.

The card would render the benefit of revolving cash credit facility to the farmers, allowing unlimited withdrawals and repayments within the credit limit. The credit limit would be fixed on the basis of operational land holding, cropping pattern and scale of finance etc.

Additionally, a flexible limit of up to Rs 50,000 would be provided to the marginal farmers based on their land holding pattern and crops grown by them. All eligible farmers / SHGs would be provided with a Kisan Credit Card and a pass book.

The card can be used to draw cash from any bank ATM and from a later date also for purchase of inputs such as seed, fertiliser and pesticide from dealers using the POS machines.

S.K.V. Srinivasan, Executive Director, IDBI Bank, said “This initiative shall go a long way in making banking easy and bring down the transaction cost for the farmers.”


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