The National Bank for Agriculture and Rural Development (Nabard) has said that it will extend support aggregating about Rs. 120 crore to banks for deployment of two Point-of-Sale (PoS) devices per village in one lakh villages having a population of up to 10,000.
The move is aimed at taking rural India closer towards cashless payment systems, Nabard said in a statement, reports Hindu Business Line.
Further, to encourage the adoption of new generation secure technology among farmers who are already on Rupay KCC (Kisan Credit Card) platform, Nabard said it will now support the procurement of EMV chip and PIN-based RuPay Kisan Cards by both regional rural banks and rural cooperative banks.
Nabard will spend approximately Rs. 108 crore towards this end. It will cover around 4.32 crore KCC holders.
Harsh Kumar Bhanwala, Chairman, said, “Demonetisation has posed a huge challenge to the cash-based transactions of rural economy and there is a pressing need to move towards digital transactions. At Nabard, we believe that these two initiatives will have a positive impact in easing the transition to digital transactions.”