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PayMate’s Mobile Kisan Credit Card Pilot Project Signs-Up 7,000 Farmers

PayMate India, the mobile-payment solutions company, has announced that it now has more than 7,000 farmers using the Mobile Money Credit Delivery solution for farmers – MobileKisan Credit Card (mKCC) in a pilot project. The mKCC was developed in collaboration with Pallavan Grama Bank, Indian Bank and National Bank for Agriculture and Rural Development (NABARD), a system that helps farmers use their loan amounts in an easier, instant and more efficient manner. The mKCC pilot project was launched by PayMate and the participating banks in October 2011 in the Villupuram district in Tamil Nadu. PayMate carried out a pilot project funded by NABARD in Villupuram district, which resulted in 7,000 farmers in that region enrolling for the service. NABARD invested Rs. 44.66 lakh for the project, as reported by The Hindu. mKCC or Mobile Kisan Credit Card allows farmers to withdraw money or purchase seeds, fertilizers and other agricultural items eliminating the need for direct cash transactions. The RBI recently allowed the Kisan Credit Card to be modified as a smart card which could be used at ATMs for cash withdrawals following Budget 2012. With every transaction, farmers also receive instant reports via SMS of all transactions and available funds, enabling them to keep a tab on their spending. The company claims that, eventually, it will also allow farmers to make cash deposits to their mKCC accounts. How to use: After activation of the registered KCC with Pallavan Grama Bank, the farmer can avail the service for withdrawal or purchase. To withdraw, the farmer has to approach the Business Correspondent (BC) and…

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