HDFC Bank launches Shaurya KGC Card

The largest private sector bank in the country, HDFC Bank, launched ‘Shaurya KGC (Kisan Gold Credit) Card, a loan product for the armed forces. This is the first-of-its-kind scheme meant for the army personnel in the country and is based on the Kisan Credit Card guidelines of the government.

Details of the Shaurya KGC Card

The card, launched digitally from Mumbai by the bank, comes with the key benefits such as simple and easy documentation that doesn’t require any kind of physical presence. Some of the salient features of this card are:

• This credit card comes with a life cover of Rs 10 lakhs.
• It will provide finance for the agricultural requirements such as the production of crops, post-harvest maintenance and consumption needs, purchase of farm machinery, irrigation equipment, etc.
• The loan facility can be availed by visiting HDFC Bank branch or through the e-Kisan Dhan app of the bank.
• The card is tri-coloured implying the Army, the Navy and the Air Forces of the country.

What is the Kisan Credit Card Scheme?

It was first announced in 1998 in order to fulfil the financial requirements of the farmers at various stages of farming through institutional credit. It is implemented by all the Cooperative banks, Regional Rural Banks and PSBs throughout the whole country. This provides revolving cash credit facility to the farmers and this card is valid for 5 years. The crop loans disbursed under the KCC scheme should be insured under the Pradhan Mantri Fasal Bima Yojana scheme of the government.

Month: Current Affairs - August, 2020