SBI credit card for farmers

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SBI credit card for farmers

AgriNation News Network

Kolkata. 31 Jan 2018

SBI Cards and Payment Services has started a pilot launch of credit cards for farmers in Rajasthan, Gujarat and Madhya Pradesh. Applications are coming in. On the basis of the success of this pilot project, it would like to launch it nationally, SBI chairman Rajnish Kumar said. Kumar was in Kolkata to launch FarmCart, a mobile shopping app, and Dealer Bandhu, a delivery management app, developed by Mumbai-based start-up Poorti Agri Services.

To be issued by SBI Cards and Payment Services, the country’s largest lender has already initiated a pilot launch in three states.

Unlike the Kisan Credit Card (KCC), these cards are expected to be similar to the conventional ones but with easier terms.

In the KCC-based model of lending, farmers are generally issued an ATM cum debit card to enable them to withdraw from their KCC accounts and ATMs to meet cultivation related expenses.

The SBI has already received about 100 applications and cards will be issued to the farmers after processing is completed.

When asked whether farmers would be able to buy consumers goods with the new credit cards, Kumar said: “There will be some limits on these credit cards. (There could be) 75-80 per cent limit for buying farm inputs.”