The Reserve Bank of India (RBI), the apex bank of India, has asked commercial banks, regional rural banks (RRBs) and cooperative banks to issue smart cards/ debit cards to farmers under the revised Kisan Credit Card (KCC) scheme so that they can access credit with ease.
These cards should be compatible for use in the ATMs, hand-held swipe machines, point of sale (PoS) terminals and mobile banking and be capable of storing, among others, adequate information on farmers identity, assets, land holdings and credit profile.
The Reserve Bank has announced a new KCC scheme based on the recommendations of a working group headed by Mr T.M. Bhasin, Chairman and Managing Director, Indian Bank.
The RBI circular on the revised KCC scheme says that while there will be no limit on the number of debit or credit transactions, each card will have a credit limit.