Bangalore based, Karnataka Bank Ltd has introduced the revised guidelines of the Reserve Bank of India on Kissan Credit Card Scheme (KCC).
According to the revised scheme, farmers can avail working capital loan in the form of overdraft for raising various crops and farm equipment. The bank would also provide term loan for meeting their investment credit requirements.
The period of the Kissan Credit Card is for five years under the revised scheme, a press release from the bank said.
As per the overdraft facility, farmers have the option to renew the overdraft every year with 10 per cent increase in limit. The overdraft facility is very useful to farmers as it is an operative account and they can credit the sale proceeds of various crops to the account and utilize them when required.
Karnataka bank is also planning to launch ATM card enabling transactions to farmers according to the RBI guidelines.