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Bank of Maharashtra launches credit cards for farmers

Bank of Maharashtra has launched a 'Mahabank Kisan Credit Card' scheme that will enable farmers to buy agricultural inputs like seeds, fertilisers and pesticides.

The facility under the MKCC scheme will be valid for three years, the bank's Pune Rural Region Deputy General Manager Ravindra Velankar told reporters today.

Farmers availing the benefits of the scheme will be issued a patpustika, that is, a credit card, Velankar said.

The scheme allows a literate farmer to withdraw money at any time from any branch of the bank in the country while an illiterate farmer will be entitled to withdraw money only from the branch that has issued him the credit card, Velankar added.

Apart from withdrawing money for purchasing seeds, fertilisers and pesticides, the farmer would be entitled to withdraw money for any other farming requirement such as payment of electricity bills, canal water charges and land revenue.

However, the bank has placed a condition that the farmer will have to credit all his sale proceeds in the MKCC account. Under the MKCC scheme, the farmer will get credit up to Rs 25,000 at 12.24 per cent interest, Rs 25,000 to Rs 200,000 at 13.77 per cent and Rs 200,000 to Rs 500,000 at 15.30 per cent.

UNI

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