Dynamite News NABARD to monitor conversion of KCCs into RuPay Cards on mission mode
NABARD will coordinate the conversion of Kisaan Credit Cards into Rupay ATM cum Debit Kisaan Credit Cards by Cooperative Banks and RRBs on priority.
New Delhi/ 9 February 2017. Acting on the promise made by Prime Minister Narendra Modi on 31 January post demonetization, the Government has now decided that National Bank for Agriculture and Rural Development (NABARD) will coordinate the conversion of operative or live Kisaan Credit Cards into Rupay ATM cum Debit Kisaan Credit Cards (RKCCs) by Cooperative Banks and Regional Rural Banks (RRBs) on priority.
The conversion of the card is expected to facilitate the farmers in undertaking financial transactions on digital platform.
The Government has been closely monitoring the progress of conversion of Kisan Credit Cards to RuPay ATM cards.
Also Read |
RBI proposes to waive off bank transactions charges and decrease interest rate for credit cards
As per the revised Kisan Credit Card (KCC) Scheme issued by RBI and NABARD, allowed withdrawal through ATM or Debit Cards as one of the delivery channels for the drawl, for the current year.
Also Read |
Andhra: CM inaugurates 12 mobile ATMs for rural areas
Apart from the smooth transactions, the step is also expected to help in an increase in the frequency of funds accessed by the farmer, with the expected ease in withdrawing cash as and when required.
PM Narendra Modi, in his New Year's Eve address, announced the initiative of converting over three crore Kisan credit cards will be converted to RuPay cards. KCC is provided to farmers to help them access affordable credit for short periods of time.