More than 10 years after the PSU banks launched Kisan Credit Cards, private sector player Axis Bank has recently started their own initiative to provide cards to farmers. Bank’s official statement says that a farmer will be able to withdraw up to Rs one lakh per day from automated teller machines (ATMs).
The card will be offered to agrarian customers on their cash credit crop loan accounts and will also help them reduce the interest burden as the interest payments start after drawl of the money, claims bank.
The bank’s executive director and head of retail banking, R K Bammi, said at present 90-95 per cent of such customers come to the bank branch for transactions and the bank expects 30-40 per cent farmers to migrate to this alternate channel.
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