kisan credit card, kisan credit card.. launch in Tamilnadu.. RBI announcement! – rbi to launch kisan credit card digital lending pilot project in select districts of tamilnadu and madhya pradesh in september 2022

The Reserve Bank of India has announced that the Kisan Credit Card digital loan scheme developed by the Reserve Bank Research Center will be launched in Tamil Nadu and Madhya Pradesh in the first phase from this month.

In a press release issued by the Reserve Bank, the objective of the Rural Financial Services Scheme is to provide financial services to farmers and rural customers of all income levels in rural areas. In a country like India, rural credit is associated with economic growth for all.

Currently in rural areas one has to go to a bank branch and show the land title certificate and other documents to get a loan. As a result, a customer has to visit the bank branch several times to get a loan.

Considering the challenges in rural financial services, RBI is planning to digitize various things as part of fintech activities. As part of this, RBI Research Center and RBI have jointly developed Kisan Credit Card Digital Loan Scheme.

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Banks and banking systems, service providers will be integrated under this scheme. Digitization of Kisan credit card lending will reduce costs and hassles for borrowers.

The scheme will initially be launched in selected districts of Tamil Nadu and Madhya Pradesh from September 2022. For this, an alliance has been formed with Union Bank of India and Federal Bank. The concerned state governments are also cooperating in this.

Based on the lessons learned from the initial pilot, the Kisan Credit Card Digital Loan Scheme will be gradually expanded to other districts in Tamil Nadu and Maharashtra. The scheme is expected to provide credit assistance to unserved or underserved people in rural areas. After the scheme is fully implemented, lending in rural areas will undergo a total transformation,” it said.