The Kisan Credit Card (KCC) scheme was introduced in ______ for issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks.
1998
The Kisan Credit Card (KCC) scheme is a short-term credit-delivery mechanism designed to give farmers timely, adequate and flexible access to institutional credit for their crop and cultivation needs, replacing the cumbersome loan process of earlier years.
It was introduced in 1998, framed on the recommendations of the R. V. Gupta Committee, with the model scheme prepared by NABARD in consultation with the Reserve Bank of India for uniform adoption by commercial banks, cooperative banks and regional rural banks.
Credit limits under the card are fixed on the basis of the farmer's landholding and cropping pattern, giving a simplified, revolving credit line that can be drawn as needed and repaid after harvest.
A key purpose of the scheme is to free farmers from dependence on informal moneylenders who charge exorbitant interest, and it also carries built-in personal accident insurance cover for the cardholder.
Over time the scheme has been widened well beyond crop loans to cover working-capital needs for allied activities such as animal husbandry, dairy and fisheries, and interest-subvention benefits have made the credit cheaper.
Among the wrong options, the years 1994, 1995 and 1996 do not correspond to the introduction of the KCC scheme; they are close-sounding distractor dates from the mid-1990s but the scheme was rolled out only in 1998.
Hence, the Kisan Credit Card scheme was introduced in 1998.
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