Financial Daily from THE HINDU group of publications
Tuesday, Nov 30, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 30, 2004 |
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Money & Banking
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Credit Cards & Debit Cards Agri-Biz & Commodities - Credit Cards & Debit Cards IBA told to rectify faulty areas in Kisan Credit Cards scheme Our Bureau
Mumbai , Nov. 29 THE Reserve Bank of India hassaid that it has asked Indian Banks' Association (IBA) to take remedial action on some of the issues pertaining to Kisan Credit Cards (KCC), primarily to improve the flow of credit to the agriculture sector under the scheme. Quoting a national impact assessment survey conducted by the National Council of Applied Economic Research (NCAER), the RBI in its Report on Trends and Progress for 2003/2004, said there are areas in the KCC scheme where fine-tuning is needed. These are restrictions imposed on the issuance of KCCs only at card issuing branches; non-availability of incentives and rewards to borrowers for timely repayments; low credit limits to meet the farmers' requirements and low awareness level regarding the provision of the personal accident insurance scheme. The RBI also pointed out that the KCC scheme has had a positive impact on the cost of borrowings.
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