NABARD and RBI Innovation Hub Collaborate to Revolutionize Agricultural Lending
| Category | Details |
|---|---|
| Partnership | NABARD collaborates with RBI Innovation Hub for agricultural lending digitalization. |
| Objective | Streamline loan processing and enhance accessibility for farmers across India. |
| Integration | e-KCC loan origination system portal integrated with PTPFC for seamless credit processing. |
| Benefits | Faster loan approvals, improved efficiency for cooperative banks and RRBs. |
| Key Services | Digital land records, satellite data, KYC verification, credit history access. |
| Impact on Farmers | Loan processing time reduced from weeks to minutes; benefits 120 million farmers. |
| Pilot Implementation | Karnataka Gramin Bank and Maharashtra Gramin Bank. |
| Scaling Target | Aimed at covering 5 crore KCC loans nationwide. |
| Leadership Statements | - Shaji K V, NABARD Chairman, highlights financial inclusion in rural areas. |
| - Rajesh Bansal, CEO of RBI Innovation Hub, emphasizes innovation for seamless finance. |