NL Correspondent
Jammu Tawi: Union Bank of India today, announced an Industry-first, farmer-focused end-to-end digitalization of Kisan Credit
Card product as part of flagship Digital Transformation project ‘Sambhav'. The product aims to digitalize 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 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.
Launched by Ms. A Manimekhalai, MD & CEO, Union Bank of India in Harda District of Madhya Pradesh, as Pilot Project, 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 graced by Rishi Garg, District Magistrate of Harda District along with his team.
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. At the launch event, Ms. 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. There is
no need to visit a branch. No document submission is required. Farmland verification will be done online. The Turn Around Time (TAT) reduces
as entire sanction & disbursement process gets completed in couple of hours.
