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Tea Credit Card for Tea Growers

By SiliconIndia   |   Wednesday, August 28, 2013
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Bangalore: Tea is indigenous to India and is an area where the country can take a lot of pride. This is mainly because of its pre-eminence as a foreign exchange earner and its contributions to the country's GNP.

However, as tea is an important beverage and serves a lot to the Indian economy, new initiatives are taken to empower the sector. Recently United Bank of India will soon reveal the tea credit card for tea growers said Chairperson and managing director Archana Bhargava, reports Bikash Singh of Economic Times.

"Initially the bank will offer around 1000 credit cards. These cards will be known as tea credit cards," Bhargava said.

She further added that the cards are mainly introduced to target the small tea growers who contribute 30 percent of 1150 million kgs (mkgs) national tea production annually.

The tea credit card will have similar features like the kisan credit cards, from which farmers’ gets loan up to Rs 50,000 at 7 per cent interest rate. An added discount is given if any farmer pays back the money in time.

United Bank of India’s account to tea sector is around Rs.300 Crore. The bank further plans to extend in the Northeast with at least 500 outlets by November this year.

Bhargava said the bank will hire around 500 people in clerical grade in Northeast region. UBI has 282 branches across the region.

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