NABARD funds UP banks for 2.2 million Rupay Kisan Credit Cards

Sanctions Rs 15 crore to six UP regional rural banks

National Bark for Agriculture and Rural Development (NABARD) has sanctioned Rs 15 crores to Regional Rural Banks (RRB) in Uttar Pradesh forissuance of almost 2.2 million Rupay Kisan Credit Cards (KCC). The bank has issued this amount under its Financial Inclusion Technology Fund (FITF).

NABARD chief general manager K K Gupta said the projects wouldensure issuance of 2.2 million Rupay KCCs in the state. This is aimed at lendingease of operation and availability of 'anytime money' to farmers. He said with the Rupay KCC, the farmers would be able to use the vast network of ATMs, point of sale (POS) machines, electronic fund transfer facilities as well as graduate to safer, swifter mode of internet/electronic banking as well to avail themselves of the services of merchandised establishments.

Under the project, Kashi Gomti Samyut Gramin Bank has beenextended Rs 14.88 lakh for issuing one lakh KCCs; Prathama Bank Rs 80 lakh for 4 lakh cards, Gramin Bank of Aryavart Rs 3.76 crore for 2.5 lakh cards, Allahabad UP Gramin Bank will be covering six lakh cards with a total support of Rs 2.96 crore.

Likewise, Purvanchal Gramin Bank will cover 1.97 lakh cardholders with an assistance of Rs 79.40 lakh; Sarva UP Gramin Bank has beenextended support of Rs 1.25 crore for 2 lakh Rupay KCC and Baroda UP Gramin Bank will cover 4.17 lakh KCC holders with grant of Rs 5.23 crore from NABARD. However, the project stipulates these RRBs would issue Rupay KCCs by March 31, 2016.