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‘RuPay’ card to benefit farming community

-The Hindu


Ryots can use it at all bank ATMs to withdraw cash to buy fertilizer or seed

TIRUPATI (Andhra Pradesh): ‘RuPay', the multipurpose smart card envisaged to enable payments from various financial institutions to beneficiaries through an impressive network of ATMs, is all set to benefit the farming community more than ever before, said National Bank for Agriculture and Rural Development (NABARD) Chairman Harsh Kumar Bhanwala.

Speaking after releasing and distributing the cards to Kisan Credit Card (KCC) account holders at a function organised by Saptagiri Grameena Bank here on Tuesday, Dr. Bhanwala said farmers can use the card at the ATM of any bank across the country to withdraw cash to buy fertilizer or seed. Under the financial inclusion scheme, 50,000 cards had been distributed by appointing 328 business correspondents, through which 40,000 transactions were done to the tune of Rs.2 crore so far.

Business turnover

Saptagiri Grameena Bank chairman Sudhakar Rao said the bank's 160 branches spread across Chittoor and Krishna districts mobilised deposits worth Rs.2,496.43 crore and lent Rs.3,086.45 crore as on 31.01.2014 for the current financial year, thus making a business turnover of Rs.5582.88 crore.

"This includes Rs.2766.99 crore to the priority sector and Rs.2211.66 crore to the farming sector," he noted.

Crop loan target

Similarly, of the crop loan target of Rs.934 crore, the bank had already achieved Rs.875 crore by January-end, while the agricultural term loans of Rs.241 crore well exceeded the target of Rs.189 crore.

The bank had lent Rs.312.51 crore to 26,493 groups under the Self-Help Group linkage programme.

NABARD Executive Directors A. Ramakrishna Rao, Chief General Manager G.G. Memen, General Manager K. Balasubramanyam were also present on the occasion.