Current Affairs - Banking - Discussion

State Bank of India (SBI) has initiated a pilot scheme of credit cards for farmers. SBI credit cards for farmers will extend credit facility to farmers for 40 days just like regular credit card. However the major difference as compared to regular credit cards is that the interest rates on farmers' credit card would be much lower. SBI has launched this facility on a pilot basis in three States - Rajasthan, Gujarat and Madhya Pradesh. SBI Chairman Rajnish Kumar has stated that it will roll out this facility on national level on basis of response received and experience gathered during the pilot phase.