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Our Bank was first to introduce ‘Indian Green Card’ for the farmers in the banking industry way back in 1980s. The concept has been adopted in all the Banks, thereafter with further modifications. In our Bank, the product has been further upgraded with value additions as Kisan Suvidha Card, Kisan Gold Card and Kisan Samadhan Card, which is a line of credit for farmers with components of Production Credit, Consumption Credit, Emergency Loan and Investment Credit requirements of farmers for 3 to 5 years.
2. With the advent of Information Technology and latest development in agriculture and marketing, it was felt necessary that farmers should also be provided with the available latest technology in the banking industry to provide them “Anywhere Anytime Banking” like any other clientele and accordingly “BOI Shatabdi Krishi Vikas Card” was launched on 10.09.2005 under tie-up with Visa.
3. SALIENT FEATURES:
The salient features of the proposed VISA card, i.e., BOI Shatabdi Krishi Vikas Card are as under:
a) Eligibility – Farmers having satisfactorily conducted agricultural loan account with crop loan facility / CC facility of Rs.50,000/= and above
b) Spending Limit – 50% of crop Cash Credit / CC limit sanctioned to the farmer – Maximum Rs.50,000/= and Minimum Rs.25,000/=.
c) Cash Withdrawals – 30% of spending limit with cash withdrawals Maximum Rs.10,000/= per day.
d) Charge account – Charge account shall be crop loan Cash Credit / CC account with card issuing Branch.
e) Cash drawals – Cash drawals from our own Branches, ATMs of our Bank and under “BANCS” as well as “CASH TREE”, VISA ATMs permitted with on-line authorization.
f) The card cannot be used on stand alone ATMs.
g) The card will be a photo identity card.
h) The Credit Card Department will send the charge slips to the respective card issuing Branch on monthly basis and reinstate the spending / cash withdrawal limit to the card holder. In case the Branch is not satisfied with the operations of the card and timely payment thereof, shall write to the Card Department for cancellation or hotlisting of the same.
i) Penal / service charges in case of default @1.70% per month.
j) Insurance cover and all other facilities as applicable to VISA credit card scheme of the Bank.
k) No card issuance charges to be recovered. However, appropriate charges to be recovered for issuance of fresh card in case of cancellation, lost card, etc. as per extant guidelines.
l) The Card Product Department will deal with the applications as per present practice received from Branches and issue the Credit Cards to farmers as per the pattern followed in case of other Credit Card Scheme.
4. The existing general guidelines on use of credit card advised vide Br. Cir. No. 98/170 dated 19.11.2004 holds good for this card also. The existing application forms ICD 14 Rev-2004 can be presently used by affixing “BOI SHATABDI KRISHI VIKAS CARD” by rubber stamp or hand-written on top of the front page of application and with slight modifications are to be used for the captioned card.
5. Branches should bring in maximum number of dealers in agriculture inputs, dealers of animal feeds, dealers in irrigation equipments, etc. operating in the area as well as other main dealers and suppliers of day to day requirements of rural populace such as cloth merchants, medical shops, main shop keepers from rural areas as Member Establishments to make this card a grand success.
6. Better utilisation of card by the farmers will substantially increase non-interest income to the Branches and utilisation will solely depend upon Merchant Establishment network available to the Branches.
7. The incentive available to staff members for marketing of credit card shall also be made available for marketing of the captioned card.
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