The frictionless credit initiative being piloted by the Reserve Bank is helping lenders slash their customer acquisition cost by a whopping 70 per cent
An annual financial benefit of Rs 6,000 is provided to eligible beneficiary farmer families, payable in three equal four-monthly installments of Rs 2,000 each.
Under KCC, loans are provided at a subsidised rate to the farmers for seeds, irrigation purposes, crop production, land preparation, fertilisers and other requirements.