UBI digitises Kisan Credit Card

Hyderabad: Union Bank of India (UBI) announced its Industry-first, farmer-focused end-to-end digitalisation of Kisan Credit Card (KCC) product in the State of Karnataka as part of flagship Digital Transformation project 'Sambhav'. After successful launch of the product in Madhya Pradesh State in September 2022, Karnataka is now the second State where it has launched the product.

Digitalisation of KCC is a fintech initiative of the bank in collaboration with Reserve Bank Innovation Hub (RBIH) under guidance of the 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 A Manimekhalai, MD & CEO of UBI in Bengaluru, Karnataka, as Pilot Project, the event was attended by Rajesh Bansal, CEO of RBIH and senior management team of UBI with more than 200 farmers. The event was also graced by various government officials of Karnataka State. Based on the learnings from these two States, it is planned to expand the digitalization of KCC lending to other States gradually across the country under guidance of RBI.

On the occasion, Manimekhalai spoke about the importance of digitalisation of KCC as a transformation in rural financing. She further briefed about the benefits of digitalisation 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 turnaround time reduces as entire sanction & disbursement process gets completed in couple of hours.

She also extended her gratitude to the Karnataka State Government and Farmer Registration and Unified Beneficiary Information System (FRUITS) team for their support and cooperation in digitalization of KCC for farmers of Karnataka State.