HDFC Bank Ltd on Saturday announced the launch of a first-of-its-kind product for the armed forces.
“Called ‘Shaurya KGC Card’, this unique product comes with never-seen-before features and eligibility criteria specially crafted for our over 45 lakh Indian armed forces personnel,” the company said in a statement.
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The product is based on the Kisan Credit Card guidelines set by the central government.
The key benefits are as follows: Life cover of Rs 10 lakh as against Rs 2 lakh for an average card; simple and easy documentation that doesn’t require the personnel’s physical presence to accommodate nature of his job and his availability, the company said.
The new product was launched digitally from Mumbai by Aditya Puri, managing director of the HDFC Bank in the presence of Rajinder Babbar, business head, Rural Banking Group, HDFC Bank on the eve of India’s 74th Independence Day.
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Speaking at the launch, Puri 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. Jai Jawan, Jai Kisan, Jai Hind,” said Puri.
The Shaurya KGC Card will provide armed forces personnel with 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.
The loan facility has been designed keeping in mind the financial needs of the armed forces and can be availed by visiting HDFC Bank branches, applying the loan through recently launched HDFC Bank e-KisanDhan app, by dialling an all India Interactive Voice Response (IVR) toll free number (1800 120 9655).
The facility is meant for all branches of the armed forces including those who serve in Army, Navy and Air Force as well as para-military forces, the company 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, which has enabled farmers to avail facilities like soil testing and access the latest information on the best farming practices, it added.