3 crore Kisan Credit Cards to be converted to RuPay Cards
The entire nation awaited the Prime Minister’s speech on the New Year’s Eve. There have been plenty of announcements – and that was expected. After the culmination of the cash crisis the government was expected to come with some good news and that is exactly what happened.
The Prime minister made some heavy announcements that would directly affect the agricultural sector – farmers to be precise. As we all know, Indian economy is agricultural based and farmers are directly related to this sector so their development forms the core and crux of the country’s development condition.
In his speech the PM made his priorities straight and fueled the business and agricultural sector towards a steady growth.
So what exactly are the announcements?
The hype is over the ‘3 month 3 crore Kisan Cards’. Today we are going to tell you in details about this aspect of the announcements. Here are all the details –
- PM Modi announced that he would be propelling a 6% increase in Rabi crops and a 9% increase in the use of fertilizers so they are able to grow crops easily.
- For this reason he would also be allowing the RuPay credit cards and they will be opened to the farmers so that they can take credit to make their crop cultivation easier.
- In fact, 3 crore Kisan Credit Cards will now be converted to RuPay Cards. This would not just help them take loans but will also help them make transactions easily. They can now withdraw their payments too.
- Earlier the farmer had to take the cash and then pay the merchant to by fertilizer and other equipments related to agriculture. Now with RuPay credit cards they can pay online and carry out transactions easily.
- This will also help make India a digital and cashless country. This would also ensure transparency and the farmers will no longer have to be indebted to the money lenders who sometimes cheat them by not marking their returns.
- By adopting RuPay cards in place of Kisan Credit Cards, the farmers can really take back control of their transactions. Also, it can empower them to become better at handling their expenditure.
What will this ensue?
We all know that the PM had been trying to get rid of black money and for this reason digital and cashless transaction is being pushed to the masses. With this step, that will further be ensured. In fact, the penetration of digital economy will be pushed. This is because farmers constitute mainly the village level of the country. By evaporating this system into the remote areas of the country, it will be ensured that every individual is aware of digital transactions.
But how will this help the farmers?
It will actually help the farmers in many ways. Here are a few points to be noted –
- The farmers will not have to pay interest for the first 60 days. If they have already paid, the amounts will be transferred to their accounts via the district cooperative banks, pretty soon.
- The government also announced that NABARD already had Rs. 21000 crore for the welfare of the farmers. Now it is adding 20,000 crore rupees extra into it, to make it easier for the farmers to withdraw money.
It must be noted that the RuPay card still does not allow you to take credit.