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India's ICICI Bank to dispense loans through rural ATMs

September 1, 2004

Calcutta Telegraph: ICICI Bank, India's second largest bank, has introduced the Kisan Loan Card for farmers, which will allow them to obtain loans and withdraw cash from ATMs. The card was launched in association with the Tobacco Board and the Union ministry of commerce. More than 6,000 farmers covering four tobacco regions in Andhra Pradesh are expected to benefit from the card. In addition to the cash loan through the card, the farmer can use the card to procure fertilizers, seeds, pesticides, fuel and other supplies. ICICI has installed four low-cost ATMs designed for rural India in Devarapalli, Koyyalagudern and Jangareddygudem. The Asan ATM, designed by NCR, includes integrated power management systems that ensure smooth operations during power failures, among other features.

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(Read related stories: NCR intros 1st ATM designed exclusively for Indian market, NCR's India-specific ATM receives tech award and Tailor-made ATM)