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Union Bank of India announce digitalization of Kisan credit card

Digitalization of Kisan credit card: As part of the flagship Digital Transformation initiative “Sambhav,” Union Bank of India announced an industry-first, end-to-end digitalization of the Kisan Credit Card product with a farmer-focused focus, according to Elets BFSI. By digitalizing the KCC financing process, the company hopes to increase its effectiveness and farmer friendliness.

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Digitalization of Kisan credit card: Key Points

  • The Reserve Bank of India (RBI) oversees the Union Bank of India’s (UBI) Fintech initiative, Digitalization of Kisan Credit Card, which aims to address the challenges farmers face, such as the need to visit a bank branch in person, provide proof of land ownership and other documents, and wait a long time to receive the KCC.
  • Over 400 farmers from the Harda District of Madhya Pradesh joined Mr. Rakesh Ranjan, Chief Product Manager, Reserve Bank Innovation Hub (RBIH), and Senior Management Team of Union Bank at the event, which was launched by A. Manimekhalai, MD & CEO, Union Bank of India as a pilot project.
  • Mr. Rishi Garg, the District Magistrate of the Harda District, and his staff also attended the occasion.
  • Based on the lessons learned from the trial, it is intended to progressively extend the digitalization of Kisan Credit Card (KCC) lending to additional areas in Madhya Pradesh.

A Manimekhalai discussed the significance of KCC’s digitalization as a change in rural financing during the launch event. She went on to discuss the advantages of KCC’s digitalization, including the ability to start a journey instantly from a mobile device. No need to go to a branch. There is no need to submit any documents. Verification of farmland will be done online. As the full sanction & distribution procedure is finished in a few hours, the Turn Around Time (TAT) decreases.

Important Takeaways For All Competitive Exams:

  • Chief Product Manager, Reserve Bank Innovation Hub (RBIH): Mr. Rakesh Ranjan
  • MD & CEO, Union Bank of India: A. Manimekhalai

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