A recent press report said that Pallavan Grama Bank, the widely known regional rural lender has implemented mobile banking technology in terms of Kisan credit card. The bank has started the process on a pilot basis. Reports said that the National Bank for Agriculture and Rural Development (NABARD) has offered the project, funds worth Rs 44.66 lakh.
Mr. TM Bhasin, CMD of Indian Bank, said that the main aim of the project is to initiate the concept of doorstep and paperless banking facilities among the famers. Reports also mentioned that Indian Bank is the sponsor bank for the RRB.
Mr. Prakash Bakshi, Chairman of NABARD, who spoke about the advantages of paperless banking, said that it is likely to save a lot of time and labor for banks and also for the farmers.
Nowadays banks are making regular efforts to implement the advancements in technology to the utmost level in banking operations. The introduction of mobile banking technology in terms of Kisan credit card is a best example for such efforts. Recently banks have announced special rates on home loan and auto loans for festival season.