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Rupay Kisan Credit Card (RuPay KCC)

Rupay Kisan Credit Card:
To meet the production credit requirements of the farmers in a timely and hassle-free manner, the Kisan Credit Card (KCC) has emerged as an innovative credit delivery mechanism. According to the revised guidelines for KCC, the KCC should be a smart card cum debit card which could be used in the ATMs/Hand held Swipe Machines etc.

The National Payments Corporation of India (NPCI) has launched RuPay which is a new card payment scheme. This scheme has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.

RuPay has come out with its RuPay KCC offering which leverages the benefits of both KCC and RuPay.

Advantages of RuPay KCC:
RuPay is well equipped to handle both the single message and dual messaging systems.

Unlike Visa and MasterCard networks, RuPay does not charge an entry fee.

It offers complete web based architecture, so member banks will not have to develop a separate file based interface. RuPay is a PIN based product so it provides enhanced security.

Administration costs & quarterly charges are very low when compared to current international schemes. RuPay provides advanced features such as processing of adjustment file to enable Tip and Surcharge processing on the SMS platform too.

Used at the nearest ATM/PoS for withdrawing cash. It removes the necessity of going to PACS or a bank branch to operate the account.

Unlike normal KCC which serves only as an identity card and facilitate recording of transactions on an ongoing basis, RuPay KCC is actually a smart card that can be

RuPay KCC:
NABARD has engaged with RRBs and Cooperatives across the country, reviewing their readiness for providing RuPay KCC as ATM cum Debit cards.

To support RuPay KCC, NABARD has been proactive in nature.

It has come out with guidelines for DCCBs and RRBs for implementing RuPay KCC, provides financial assistance to RRBs and DCCBs from its Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF) for demonstration & implementation of KCCs, ATMs/microATMs and PoS and even printing of cards.

Source: https://www.nabard.org/