MUMBAI/ BHUBANESWAR, SEPT 19, 2022
Union Bank of India on Monday announced an industry-first, farmer-focused end-to-end digitalization of Kisan Credit Card (KCC) product as part of the flagship Digital Transformation project ‘Sambhav’, to digitize KCC lending process, making it more efficient 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) under guidance of the Reserve Bank of India (RBI), 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.
Launching it as a pilot project in Harda District of Madhya Pradesh, Union Bank of India MD & CEO A Manimekhalai spoke about the importance of digitalization of KCC as a transformation in rural financing. She further briefed about the benefits of digitalization of KCC with initiation of journey directly through mobile handset.
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.