Lender PSU Indian Bank has launched its KCC Digital Renewal Program, allowing eligible customers to renew their Kisan credit card accounts through digital modes.
The initiative is part of the digital transformation of the bank as part of the project ‘WAVE’ – World of Advanced Virtual Experience.
Account renewals can be done using Indian Bank’s IndOASIS mobile application, internet banking and through its website. The facility is available via text message for feature phone users with no internet or limited internet access, according to a statement.
However, it is currently offered to customers with outstanding loans below ₹1.60 lakh. The facility eliminates the need to visit a branch or submit additional physical documents and would be beneficial for customers unable to renew their KCC due to lack of time due to the harvest season.
Out of the total agricultural portfolio of ₹88,100 crore, the Kisan credit card accounts for ₹22,300 crore with 15.84 lakh customers. About eight lakh customers have outstanding loans below ₹1.60 lakh.
The bank expects the digital initiative to be useful to customers and intends to raise the threshold limit to cover more KCC account holders.
In April this year, the bank had launched its first end-to-end digital product – the pre-approved personal loan.
“After the launch of the KCC Digital Renewal Facility, the bank is firmly aligned with its goal of delivering the best of digital journeys to its customers, making banking services ever more convenient, accessible and secure for them,” a- he added.
June 13, 2022