Kisan Credit Cards (KCCs) to be converted into ATM cards
Finance Minister P.Chidambaram informed that the State-owned banks have been asked to strictly adhere to the March, 2014 time-line for converting all Kisan Credit Cards (KCCs) to ATM cards.
- State-owned lenders were asked to convert more than 11.39 crore KCCs to ATM cards within two years starting from April 1, 2012.
- As per NABARD, as on March 31, 2012, the banking system has issued 11.39 crore KCCs and sanctioned loans to the tune of Rs 5,21,617 crore since the inception of the scheme in 1998-99.
Categories: Business, Economy & Banking