CHENNAI: Indian Bank on Monday launched Kisan Credit Card (KCC) digital renewal scheme, which facilitates eligible customers to renew their KCC accounts by themselves through digital modes. The facility eliminates the need to visit a branch or submit additional physical documents and is beneficial for customers, who are unable to renew their KCCs due to paucity of time during the harvest season.
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A statement here said the account renewals could be done using Indian Bank’s IndOASIS mobile app, internet banking portal and bank’s website. The facility is also available through SMS for feature phone users with no internet and users with limited internet access. It is currently being offered to customers having outstanding loans below Rs 1.6 lakh.
An initiative that is part of the bank’s digital transformation under project World of Advanced Virtual Experience (WAVE) was flagged off by Indian Bank MD and CEO S L Jain in the presence of select customers, who renewed their KCCs on the spot.
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The statement said out of the total agriculture portfolio of Rs 88,100 crore, KCC constitutes Rs 22,300 crore with over 15.8 lakh customers. Of this, nearly 8 lakh customers are having outstanding loans below Rs 1.6 lakh. The bank expects this digital initiative to come handy for these customers, at present and intends to enhance this threshold limit in future to cover more number of KCC account holders and benefit them.
