Union Bank and Federal Bank starts RBI Digital KCC pilot Project in MP and Tamilnadu respectively
The public sector bank Union Bank of India and the private banks Federal Bank have launched a pilot project to digitize Kisan credit Card (KCC) to transform rural credit delivery systems and to improve the quality of credit delivery in the rural areas .
Public sector lender Union Bank of India started the pilot from Harda district in Madhya Pradesh while private sector lender Federal Bank began the project from Chennai, Tamilnadu.
The pilot project of the banks is part of the RBI initiative for end-to-end digitalisation of Kisan Credit Card (KCC) lending, developed by the Reserve Bank Innovation Hub (RBIH) Bengaluru.
Under the project the banks will issue KCC to the eligible farmers without insisting on physical records such as land documents and in person visits to the branch.
IMPORTANT FACTS -
Union Bank of India :
- It is a public sector bank owned by the government of India
- It was set up as a private bank in 1919 and was nationalized in 1969.
- Andhra Bank and Corporation bank was merged with Union Bank on 1 April 2020.
- Headquarters : Mumbai, Maharashtra
- MD and CEO: A. Manimekhalai
- Tagline of the Bank : Good people to Bank with
ADDITIONAL INFORMATION -
Federal Bank :
- It is a private sector bank which was set up in 1931.
- Headquarters : Aluva, Kochi, Kerala
- Chief Executive Officer : Shyam Srinivasan
- Tagline : Your Perfect Banking Partner
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