Feb 01, 2025 11:41 AM IST
The Kisan Credit Card (KCC) Scheme was introduced to provide adequate and timely credit to farmers for their agricultural operations.
The Kisan Credit Card (KCC) Scheme was introduced to provide adequate and timely credit to farmers for their agricultural operations.
It comes with an interest subvention of 2% and Prompt Repayment Incentive of 3% to the farmers, thus making credit available to them at a very subsidized rate of 4% per annum.
The scheme was introduced initially in 2004 and saw a revise in 2012 to simplify the scheme and the issuing of Electronic Kisan Credit Cards.
Eligibility for the Kisan Credit Card (KCC) Scheme
Farmers who are either individual or joint borrowers and who are owner cultivators, tenant farmers, oral lessees, and share croppers are all eligible.
Apart from this, Self Help Groups (SHGs) or Joint Liability Groups (JLGs) of farmers including tenant farmers, share croppers etc are also eligible for the scheme.
Types of Kisan Credit Card (KCC) Scheme Cards
The KCC cards are to help farmers transact seamlessly with input dealers and also to have sales proceeds credited to their accounts when they sell their output at mandies, procurement centres, etc.
The card is a magnetic stripe card with a Personal Identification Number (PIN) and an International Standards Organization International Identification Number (ISO IIN) to enable access to all banks ATMs and micro ATMs.
Cards are from Europay, MasterCard or VISA.
For cases where the Banks utilize the centralized biometric authentication infrastructure of the UIDAI (Aadhaar authentication), a debit card with a magnetic stripe and PIN with ISO IIN with biometric authentication of UIDAI is provided.
Debit Cards with magnetic stripes and only biometric authentication are also provided depending on the customer base of the bank.