Union Bank of India additionally plans to digitalize Kisan Credit Card by a Fintech initiative in collaboration with the Reserve Bank Innovation Hub (RBIH) below the steerage of the RBI.
Union Bank of India on Tuesday introduced an Industry-first, farmer-focused end-to-end digitalization of Kisan Credit Card product as a part of the flagship Digital Transformation challenge ‘Sambhav’ in Mumbai.
The product goals to digitalize the KCC lending course of, making it extra environment friendly and farmer-friendly.
Digitalization of Kisan Credit Card is a Fintech initiative of Union Bank of India in collaboration with Reserve Bank Innovation Hub (RBIH) below the steerage of Reserve Bank of India (RBI), aimed toward overcoming the challenges confronted by farmers like an in-person go to to a financial institution department, submission of land possession and different paperwork, and excessive flip -around time in getting the KCC.
Launched by A Manimekhalai, MD & CEO, Union Bank of India in Harda District of Madhya Pradesh, as a Pilot Project, the occasion was attended by Rakesh Ranjan, Chief Product Manager, Reserve Bank Innovation Hub (RBIH), and Senior Management Team of Union Bank with greater than 400 farmers of Harda District.
The occasion was additionally graced by Rishi Garg, District Magistrate of Harda District alongside along with his group. Based on the learnings from the pilot, it’s deliberate to increase the digitalization of KCC lending to different districts of Madhya Pradesh and progressively throughout the nation.
At the launch occasion, A Manimekhalai spoke concerning the significance of the Digitalization of KCC as a change in rural financing. She additional briefed about the advantages of digitalization of KCC with the initiation of the journey instantly by a cellular handset. There is not any want to go to a department. No doc submission is required. Farmland verification might be finished on-line.
The Turn Around Time (TAT) reduces as your entire sanction & disbursement course of will get accomplished in a few hours.
First printed on: 20 Sep 2022, 05:26 IST
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