Mumbai: Union Bank of India today launched an Industry-first, farmer-focused end-to-end digitisation of Kisan Credit Card (KCC) product as part of the flagship digital transformation project ‘Sambhav’. The product aims to digitise KCC lending process, making it more efficient and farmer-friendly. The first phase is launched as a pilot project in Harda district of Madhya Pradesh. Based on the learnings from the pilot, it is planned to expand the digitisation of KCC lending to other districts of Madhya Pradesh and gradually across the country.
Digitisation of Kisan Credit Card is a fintech initiative of Union Bank of India in collaboration with Reserve Bank Innovation Hub (RBIH), aimed at overcoming the challenges faced by farmers like in-person visits to a bank branch, submission of land ownership and other documents, and high turnaround time in getting the KCC.
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While launching the pilot project, A Manimekhalai, MD & CEO, Union Bank of India spoke about the importance of digitisation of KCC as a transformation in rural financing. She further briefed about the benefits of digitisation of KCC with the initiation of journey directly through mobile handset. There is no need to visit a branch. No document submission is required. Farmland verification will be done online. The turnaround time (TAT) reduces as the entire sanction and disbursement process gets completed in a couple of hours.
The event was attended by Rakesh Ranjan, Chief Product Manager, Reserve Bank Innovation Hub (RBIH) and senior management team of Union Bank with more than 400 farmers of Harda district. The event was also attended by Rishi Garg, district magistrate of Harda district along with his team.
