KRISHIKA

VISION:
"Empowering farmers across India through seamless and efficient financial services, KRISHIKA aims to extend formal credit access to the underserved, fostering inclusive and sustainable agricultural growth."
About KRISHIKA :
The Department of Agriculture and Farmers’ Welfare, (MoA&FW) is implementing various flagship Central Sector Schemes including Modified Interest Subvention Scheme (MISS) through Kisan Credit Cards (KCC) which was introduced in 1998 to enhance credit delivery mechanism. Under the KCC-MISS, banks are entitled to claim 1.5 percent as the Interest Subvention (IS) and 3 percent as a part of the Prompt Repayment incentive (PRI) is given to farmers from the government. KCC is provided to farmers for a period of 5 years.
The KRISHIKA (Kisan Rural Investment and Credit Assistance) App is designed to extend the benefits of formal credit systems to farmers who are not currently covered under schemes like the KCC-MISS. Many farmers participate in various government schemes such as PM Kisan and PMFBY but do not avail themselves of formal credit. The application addresses this gap through a facilitator model, leveraging the support of Krishi Sakhis, Common Service Centers (CSCs), and Banking Correspondents (BCs).
Key Objectives and Expected Outcomes:
1. Identification of Farmers: The app will help identify farmers who benefit from schemes like PM Kisan but have not accessed formal credit. This ensures no farmer is left behind in availing the full benefits offered by government initiatives.
2. Facilitator Model: Through Krishi Sakhis, CSCs, and BCs, the app connects farmers with financial institutions. Facilitators play a vital role in educating farmers about the benefits of formal credit and assisting them in accessing loans or enhancing existing ones.
3. Loan Disbursement & Enhancement: The application supports the disbursement of fresh loans and enhances existing credit lines. Farmers can access financial support without the need for direct bank visits, easing their financial stress.
4. Educational Tool: It acts as a medium to educate farmers on government schemes, benefits of timely loan repayments, and incentives like the Prompt Repayment Incentive (PRI). This boosts awareness and encourages responsible financial behaviour.
5. Alert System: The app provides farmers and bankers with alert notifications about key updates, upcoming payments, due dates, or opportunities for loan enhancements, ensuring all stakeholders remain informed.
6. Duplicate Account Checks: A robust mechanism is in place to check for duplicate KCC accounts and ensure each farmer receives the appropriate benefits. This improves efficiency in credit distribution and reduces discrepancies.
7. Simplified Access & Support: Farmers can easily connect with facilitators through the app, receive guidance on loan procedures, and better understand how formal credit can help improve their agricultural productivity. This app streamlines the process, ensuring farmers are not only informed but also supported in real-time.
The KRISHIKA (Kisan Rural Investment and Credit Assistance) app is built on the robust infrastructure of the Kisan Rin Portal, which already connects a vast network of 35 Scheduled Commercial Banks (SCBs), 45 Regional Rural Banks (RRBs), and 376 Cooperatives. With NABARD’s support, this extensive network ensures seamless integration, enabling effective outreach and smooth loan facilitation for farmers across the country. This collaboration enhances the app's ability to deliver financial services efficiently, extending formal credit access to those previously underserved.