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RBI Notifies Revised Kisan Credit Card (KCC) Scheme

RBI by its circular number RBI/2016-17/84 FIDD.FSD.BC.No.18/05.05.010/2016-17 dated October 13, 2016 has notified to all Scheduled Commercial Banks (Excluding RRBs) that it has been decided to make certain changes in Para 13 of the revised KCC Scheme as indicated below. All banks are advised to take note of the modified instructions and implement the same with immediate effect.

Particulars
Instructions as per Circular
RPCD.FSD.BC.No.23/05.05.09/2012-13 dated August 7, 2012
Modified Instructions
Para 13
Other Features
13.ii Besides the mandatory crop insurance, the KCC holder should have the option to take benefit of Assets Insurance, Personal Accident Insurance Scheme (PAIS), and Health Insurance (wherever product is available) and have premium paid through his KCC account. Necessary premium will have to be paid on the basis of agreed ratio between bank and farmer to the insurance companies from KCC accounts. Farmer beneficiaries should be made aware of the insurance cover available and their consent (except in case of crop insurance, it being mandatory) is to be obtained, at the application stage itself
13.ii Besides the mandatory crop insurance, the KCC holder should have the option to take benefit of any type of Assets Insurance, Accident Insurance (including PAIS), and Health Insurance (wherever product is available) and have premium paid through his KCC account. Premium has to be borne by farmers/bank according to the terms of the Scheme. Farmer beneficiaries should be made aware of the insurance cover available and their consent (except in case of crop insurance, it being mandatory) is to be obtained, at the application stage itself.


Additional Notes for Readers

1. Kisan Credit Card (KCC) Scheme was introduced initially in August 1998 by RBI circular RPCD.PLFS.BC.NO 20/05.05.09/98-99 dated August 5,1998.

2. Further revisions have been made to the KCC Scheme from time to time.
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