Thursday, 1 February 2018

SBI credit cards for Farmers, 40 days credit to Farmers

Kolkata: To deepen the debt culture in the country's agricultural community, its largest lender, State Bank of India will provide credit card to farmers through its subsidiary SBI card and payment services, its chairman Rajneesh Kumar said today.

He said that this project has been taken on a pilot basis in Gujarat, Rajasthan and Madhya Pradesh, and then will be launched across the country on the basis of its success.

Unlike Kisan Credit Card (KCC), the SBI card will provide 40 days of credit to farmers and the general interest rate applicable in the form of other SBI cards will be normal, Kumar said.

The big difference was that in the case of payment without payment, the penalty would be comparatively lower than the normal SBI card, he told reporters at a launch event here.

He said that farmers will be allowed to spend 20% of the limit of consumer goods and the balance to buy agricultural inputs.

Read also: SBI issues information utility agreement with NSEL

Kumar said that any loan taken by the farmer in KCC case will be deposited immediately, where SBI card will provide 40 days of credit.

Launching the Poorty FarmCart and Dealer Bandhu Application here today, he said that e-commerce should be widely used in agriculture.

SBI would have provided payment gateways to make purchases through Apes, he said.
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