The Modi government has come up with many new initiatives after the Finance Minister Nirmala Sitharaman announced a 16 point action plan in the recent budget 2020 to boost India’s agri-scenario.
The government came up with the idea of merging KCC (Kisan Credit Card) with Prime Minister Kisan Samman Nidhi Scheme (PM-Kisan) to bridge the gap between these two schemes. The government moreover announced that those who are taking the benefit of PM-Kisan Samman Yojana will also get the benefit of Kisan Credit Card and will get money from the bank at 4% interest for farming. Moreover, the government hoped that this initiative will help farmers to get easy money for farming which will end dependency on moneylenders, said an official.
PM Kisan Beneficiary Can Avail Kisan Credit Card
Moreover, the government assured that the farmer will not have to give any guarantee for taking a loan up to Rs 1.60 Lakh under this scheme while earlier the limit was up to Rs. 1 lakh. Moreover, the government has linked the PM-Kisan scheme to the KCC where the farmers can easily avail KCC only on the basis of the PM Kisan Scheme.
What is the reason for this Merger?
Actually, it has been witnessed that the intention of banks is not to give money in the form of loans to the farmers and moreover it takes a long process which is time-consuming and tiring. Even after the government and RBI warnings, the ground reality portrays that the bank officials neither visit the villages to set up camp to make KCC nor they behave properly when the farmer comes to the bank, says an inner source. Moreover, only half of the farmers in the country have KCC facilities so far while India has 118.7 million farmers.
According to Agricultural Economist Devinder Sharma, "41 percent of small and marginal farmers are unable to get government loans. That means they are outside the credit system." In such a situation, the government took a new break and linked all the verified beneficiaries of PM-Kisan to KCC.
“It was decided in the budget. The government is giving 6-6 thousand rupees every year to the farmers only after their land documents and Aadhaar verification. In such a situation, this record will now also be used in making credit cards”, says government officials.
How to Apply For Kisan Credit Card Online?
Steps to apply for Kisan Credit Card online:
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Visit the official bank website.
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Choose ‘Kisan Credit Card’ from the available list of credit cards.
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Click on the ‘Apply’ button.
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You will be redirected to the online application page.
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Fill the required fields with accurate details before clicking on ‘Submit’.
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Once the application is submitted, the system will generate an application reference number. Make a note of the same and use it for all future queries.
