To make it easier for farmers to get a Kisan Credit Card (KCC), Union Bank of India has launched pilot projects at Harda district in Madhya Pradesh. Under the pilot projects, the lender will do away with the need for physical documents such as land records and in-person visit to a bank branch to get KCCs.
The projects are part of the RBI initiative for the digitalization of rural finance wherein banks are collaborating with Reserve Bank Innovation Hub (RBIH). The bank will gradually expand it to other states across India. The bank is aimed at overcoming the challenges faced by farmers like in-person visit to a bank branch, submission of land ownership and other documents, and high turn-around time in getting the KCC. Based on the learnings from the pilot, it is planned to expand the digitalization of KCC lending to other districts of Madhya Pradesh and gradually across the country.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
