HDFC Bank launches farm loan product for armed forces

Mumbai: HDFC Bank on Friday launched 'Shaurya KGC Card', for families of armed forces engaged in agricultural activities wherein the armed forces personnel will get finance for agricultural requirements like production of crop, post-harvest maintenance and consumption needs.

They can also avail of this funding to purchase farm machinery, irrigation equipment or construct storage structures among others, said a statement by the bank.

The product is based on the Kisan Credit Card guidelines by the government and would provide a life cover of Rs 10 lakh as against Rs 2 lakh for an average card through simple and easy documentation that doesn't require the personnel's physical presence to accommodate nature of his job and his availability.

Speaking at the launch, Aditya Puri, Managing Director, HDFC Bank said: "It's an absolute honour to launch this product for the armed forces and their families. Coming from an Air Force family, I have seen from close quarters the sacrifices they make and hardships they go through -- the personnel on duty and their families back home."

"I feel like my career is complete now that we're able to do something for them. With this, we have an equally good product for armed forces brethren as we have for farmers. This is our Independence Day gift to our protectors," he said.

This activity is part of the bank's 'Har Gaon Hamara' initiative to provide banking facilities to customers in the rural and under-served areas of the country. The bank has already disbursed over five lakh agri-loans and has set up 12 Krishi Dhan Vikas Kendras across India, said the statement.