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Aquaconnect Partnered with BOB to provide Credit Access to Farmers under KCC scheme  

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Aquaconnect , Bank of Baroda to generate formal creditOn March 09,2021 Aquaculture tech company Aquaconnect partnered with Bank of Baroda(BOB) to provide credit access to 1.6 million aquaculture farmers under the Kisan Credit Card (KCC)scheme.

  • In this regard, M V Murali Krishna, General Manager and Head of Rural and Agri Banking Department of Bank of Baroda signed the MoU along with Arpan Bhalerao, Chief Growth Officer, Aquaconnect.

Credit facilities under the partnership to Farmers:

  • Providing credit access under the KCC at an annualized rate of as low as 10%
  • BOB has extended loan for up to Rs 10 lakh under KCC scheme and fisheries loan.
  • Providing higher credit limits Under Pradhan Mantri Matsya Sampada Yojana(PMMSY) and The Fisheries and Aquaculture Infrastructure Development Fund(FIDF) scheme.

Key Features:

  • Target areas: The company aims to target the states Andhra Pradesh, Tamil Nadu, Gujarat and Odisha and later extending it to other states across the country.
  • Beneficiaries: It is expected to benefit over 15,00,000 fish farmers and over 1,50,000 shrimp farmers across India
  • Aquaconnect’s contribution: They will provide advisory services and quality farm inputs for the fish and shrimp farmers.

About Kisan Credit Card (KCC) scheme:

  • It was introduced in August 1998 and created by NABARD (National Bank for Agriculture and Rural Development).
  • Objective: To meet the credit requirements of the agriculture sector by giving financial support to farmers with the help of Commercial banks, Regional Rural Banks(RRB) and state Co-operative banks.
  • By 2019 fisheries and animal husbandry are also included under this scheme.

Significant features of KCC scheme:

  • KCC credit holders are covered under personal accident insurance up to ₹50,000 for death and permanent disability, and up to ₹25,000 for other risks.
  • The validity period for this card is about five years, with an option to extend for up to three more years.
  • KCC offers credit to the farmers in two types viz, Cash Credit and Term Credit for allied activities such as pump sets, land development, plantation, drip irrigations.

Recent Related News:

On December 5, 2020 Karnataka Vikas Grameena Bank (KVGB) launched ‘Kirishi OD(Overdraft)scheme’ for farmers to get a maximum amount of Rs 1.5 lakh per acre for irrigated lands and Rs 1 lakh per acre for dry land. It was launched by Neeraja Kumara Verma, Chief General Manager of NABARD, in Dharwad.

About Bank of Baroda(BoB):
HeadOffice– Vadodara (earlier known as Baroda), Gujarat
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjiv Chadha
Establishment– 20 July 1908 (Nationalised on 19 July 1969)
Tagline– India’s International Bank

About Aquaconnect:

It is an aquaculture technology venture that promotes sustainability through data-driven farm advisory and market place solutions for Aqua Farmers.
Establishment –  April 24, 2017
Founder and CEO – Rajamanohar S
Location – Chennai, Tamilnadu