NABARD-RBI Innovation Hub Collaboration

Current Context: On 27th April 2024, The National Bank for Agriculture and Rural Development (NABARD) partnered with the RBI Innovation Hub to revolutionize digital agricultural lending in India.

• Integrating NABARD’s e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) will streamline the lending process for Kisan Credit Card (KCC) loans.
• Approximately 351 district and state cooperative banks and 43 Regional Rural Banks (RRBs) will benefit from this integration, reducing loan processing time from weeks to five minutes.
• The initiative aims to provide instant doorstep credit to India’s 120 million farmers, fostering rural prosperity and frictionless finance.

Question:

Q.1 What is the purpose of the partnership between NABARD and the RBI Innovation Hub?
a. To enhance digital literacy among farmers
b. To revolutionize digital agricultural lending
c. To promote traditional lending practices
d. To develop new crop varieties