Chandigarh, Apr 26 (KNN) The National Bank for Agriculture and Rural Development (Nabard) has joined forces with the Reserve Bank Innovation Hub (RBIH) to introduce a system that promises to drastically cut down the processing time for agricultural loans in India.

The collaboration will integrate Nabard's e-KCC loan origination portal with RBIH's Public Tech Platform for Frictionless Credit (PTPFC).

This integration is expected to streamline the lending process, reducing the turnaround time for loan approvals from the current 3-4 weeks to just 5 minutes for India's 120 million farmers.

By leveraging digital land records made available by over 10 states on the PTPFC platform, lenders will have seamless access to credible information, fostering a more inclusive and efficient rural financial ecosystem while significantly reducing operational overheads.

"The digitisation of agricultural lending will ensure instant doorstep delivery of credit to farmers," said Shaji KV, Chairman of Nabard, highlighting the initiative's potential to deepen access to credit in rural areas.

This pioneering partnership between Nabard and RBIH marks a significant step towards modernising the agricultural lending process, aiming to empower farmers with faster and more efficient access to financing.

(KNN Bureau)