ING Vysya Bank, one of India's leading private banks, is now offering farmers their very own ATM card, called the ING Kisan Card. It will be linked to their credit card accounts and will enable them to avail loans or credit limits through an electronic card, and withdraw cash through the ATM networks operated by banks across the country.
Believed to be the first of its kind, the Kisan Card has one major benefit: since the customer starts paying interest only on the amount he has actually availed or swiped, he will save considerably on the interest rate. The bank plans to roll out the card this month, and initially, it will only be offered to customers in the north.
“The ING Kisan Card leverages technology to bring farmers easy access to credit anytime, anywhere. The bank is committed to develop innovative banking solutions, and we are delighted to first launch this in Punjab, which is one of our key markets,” Shailendra Bhandari, managing director and chief executive officer, ING Vysya Bank, said.
A farmer can apply for a Kisan Credit Card limit to ING Vysya Bank through its branch network. As per his eligibility criteria and based on the collaterals provided, usually land the bank sanctions the loan amount/Kisan Credit Card (KCC) limit to the farmer. The withdrawals are subject to daily limits prescribed by the regulator.
Existing ING Vysya Bank customers who have a KCC limit can apply to avail this additional facility. Farmers are allowed a withdrawal limit of upto Rs 25,000 from any ATM. Only cash withdrawals through ATM is permitted. The card cannot be swiped at merchant outlets, so there is no question of any likely misuse.
There is no need to visit any of the bank's branches for disbursements. The interest payments linked to disbursals offer direct control on expenditure and absolute cost savings. The card will be replaced within 72 hours of reporting in the event of the card being stolen and going missing. It is also integrated with the bank's savings account.
ING Vysya Bank has about 526 branches and extension counters, about 28 satellite offices and over 427 ATM across the country to offer clients and customers a broad range of innovative and established products and services. ING is a multi-national financial institution of Dutch origin. It offers banking, investment, life insurance and retirement services.