New Delhi: With the aim of accelerating cashless payments in rural India, National Bank for Agricultural and Rural Development (Nabard) will help banks deploy two point of sale (PoS) devices per village in 100,000 villages of tier 5 and 6 areas with a population up to 10,000.

The total financial support given to banks for this is estimated to be around Rs1.2 billion.

Demonetization has posed a huge challenge to the cash-based transactions of rural economy and there is a pressing need to move towards digital transactions," said Harsh Kumar Bhanwala, chairman, Nabard.

Nabard will also support regional rural banks (RRBs) and rural cooperative banks in procuring EMV chip and PIN-based RuPay Kisan Cards for the farmers, who are already on RuPay Kisan Credit Card (KCC) platform. At an estimated cost of Rs1.08 billion, this move is claimed to provide a secured technology that can be adopted by farmers.

Nabard had earlier promoted the adoption of banking technology among RRBs and rural cooperative banks and has helped them come under the core banking solution (CBS) platform.

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