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Tuesday, 07-Feb-2012

Agriclinics & Agribusiness

Composit Cash Credit

Farm Mechanisation

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STAR BHOOMIHEEN KISAN CARD

08. TYPE OF FACILITY:

a) Revolving Cash Credit – Annual Review. The farmer should be allowed for any number of drawals and repayment within the limit.

b) The review may result in continuation of the facility, enhancement of the limit or cancellation of the limit / withdrawal of the facility, depending upon the performance of the borrower.

c) The aggregate credits into the account during the 12 months period should atleast be equal to the maximum outstanding in the account.

d) No drawal in the account should remain outstanding for more than 12 months in case of normal crops and 18 months in case of sugarcane and banana crops.

e) In case of reschedulement of the period of repayment on account of natural calamities affecting the farmer, the period for reckoning the status of operations as satisfactory or otherwise would get extended together with the extended amount of limit. When the proposed extension is beyond one crop season, the aggregate of debits for which extension is granted should be transferred to a separate term loan account with stipulation for repayment in instalments as per existing guidelines.

f) As a measure of incentive for card holders with good performance, the Branches may at the time of review, enhance the credit limit suitably to take care of increase in cost of inputs / labour, change in cropping pattern, etc. but upto the maximum limit of Rs.25,000/=.

g) On credit balance in the Cash Credit account, interest at the rate and rule of Savings Bank is to be paid to encourage the borrower to deposit the surplus funds at the time of harvest and marketing of produce.

09. MARGIN:

Nil

10. SECURITY:

a) D. P. Note

b) CHA – 1

11. DISBURSEMENT / OPERATION IN THE ACCOUNT:

a) The issuing Branch would maintain the ledger account in respect of each Star BKC account and all the operations in the account will be through issuing Branch.

b) The card holders should be allowed to draw cash of the total sanctioned limit as per their requirement.

c) Withdrawal in the Star BKC account will be through withdrawal slip specially printed for the purpose (green colour already in use for KCC).

d) At the time of withdrawal and deposit, the beneficiary should present the passbook for recording the transaction.

e) Though drawals in the account are expected as per seasonality of the crops / sub-limits, yet, some flexibility may be allowed to enable the farmer to purchase inputs at convenient time when availability / prices are favourable.

f) Submission of invoices / quotations should not be insisted upon as limit / sub-limits are expected to be used on the basis of scale of finance.

12. CROP INSURANCE:

a) Crops financed should be insured as required by law or as covered under various schemes.

b) Crop Loan portion of the finance should be covered under the Rashtriya Krishi Bima Yojana (RKBY) of the Agriculture Insurance Company of India Ltd. (AIC).

c) Insurance premium should be debited to the relative loan account and claims if any be credited to the beneficiary’s account promptly.

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