NABARD to monitor conversion of Kisan Credit Cards into RuPay Cards on mission mode
Acting on the promise made by Prime Minister Narendra Modi on 31st January post demonetization, the Government has now decided that NABARD will coordinate the conversion of operative/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 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 (KCCs) to RuPay ATM cards.
As per the revised Kisan Credit Card (KCC) Scheme issued by Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD), allowed withdrawal through ATM/Debit Cards as one of the delivery channels for the drawl, for the current season/year.
Apart from the smooth transactions, the step is also expected to mark an increase in the frequency of funds accessed by the farmer, with the expected ease in withdrawing cash as and when required.
Prime Minister 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.