Nabard to fund 2 lakh PoS deployment in 1 lakh villages

Nabard to fund 2 lakh PoS deployment in 1 lakh villages In a bid to push the cashless payment mode in rural areas of the country, the National Bank for Agriculture and Rural Development (Nabard) has said it will provide a grant of Rs 228 crore for deployment of two lakh point-of-sale (PoS) machines in one lakh villages and procurement of EMV-based debit cards for farmers. Nabard said it will extend

support to banks for deployment of two PoS devices per village in one lakh villages of Tier 5 and 6 areas having a population of up to 10,000. The estimated support will be around Rs 120 crore, it said.

“Further, to encourage adoption of new generation secure technology among farmers who are already on Rupay KCC platform, Nabard will now support procurement of EMV chip and PIN-based RuPay Kisan Cards by both regional rural banks and the rural cooperative banks,” it said. The approximate expenditure for Nabard under this will be Rs 108 crore covering around 4.32 crore KCC holders.