Introduction:
One of our partner banks offers Kisan Credit Cards (KCC) designed to meet the unique needs of the farming community. Launched under a government scheme, Kisan Credit Card provides farmers access to affordable credit for productive agricultural expenses.
Challenge:
Kisan Credit Card (KCC) is a credit scheme launched by the Government of India in 1998, aimed at providing affordable credit to farmers in India. The KCC provides access to credit for various agricultural purposes such as crop production, animal husbandry, fisheries, and other allied activities. The bank was manually processing the Kisan Credit Card applications, which led to delays in processing, high operational costs, limited scalability, increased risk of errors, etc.
Solution:
OPL has developed a credit infrastructure for the Bank, where farmers can apply for a Kisan Credit Card without physically visiting branches. The borrower can apply from anywhere, anytime and complete the entire process in just 3- steps, which does not take more than 10 minutes.
The end branch user will be able to assess the proposal online. The digital platform has increased the number of digital banking users, which has led to market expansion for the bank.
The farmers can now get KCC for:
- Short term credit requirements for the cultivation of crops
- Consumption requirements of farmer households
- Working capital for the maintenance of farm assets
Benefits for Banker:
- Digital data collection & parameter checking
- Bankers receive screened proposals
- Substantial time & cost savings
- Head-office level operational visibility
- Efficiency in processing & disbursement
Benefits for Borrower:
- Paperless & hassle-free application
- Standardized form
- Ease in submission of information
- Data fetched from authentic sources
- Digital approval within 30 minutes