Chandigarh, Jan 30 (NationPress) In a significant move to eliminate persistent administrative hurdles in agricultural financing, the Haryana government is preparing to unveil a transparent and technology-driven rural credit model. This initiative aims to liberate farmers from the burdensome process of navigating between banks and revenue offices for loan documentation, revealed Sumita Misra, the state Financial Commissioner (Revenue), on Friday.

The government is on the verge of signing a memorandum of understanding with the Reserve Bank of India to create one of India’s most sophisticated integrated farm credit frameworks.

In this new setup, the sanctioning of agricultural loans will be directly associated with digitized land records, ensuring smooth collaboration between financial institutions and revenue authorities.

Elaborating on the initiative, Sumita Misra expressed that this new arrangement signifies a profound transformation in the delivery of agricultural credit. Farmers will now only require their Aadhaar number to secure loans, with all land-related information being automatically retrieved from the state's digital database.

“This is not merely a technological enhancement but a complete rethinking of public service delivery for farmers. The long-standing cycle involving patwari, tehsil, and banks that caused delays will be eliminated,” she stated.

The rollout of the project will occur in two stages. The initial phase will concentrate on Kisan Credit Card loans, which are the most commonly utilized agricultural credit tools in the state.

Once Aadhaar is authenticated, land details will be auto-retrieved, loan-related entries will be recorded automatically in land records, and encumbrance entries will be instantly removed upon repayment.

The entire process will operate with zero human intervention, guaranteeing maximum transparency.

The second phase will expand the system to encompass all types of agricultural and rural lending, creating a cohesive digital credit ecosystem throughout the state. Misra indicated that the initiative offers substantial advantages for all parties involved.

Farmers will save time, gain quicker access to credit, and enjoy full transparency with real-time tracking of loan statuses and land records. Financial institutions will receive verified land data in real time, minimizing risks associated with fraudulent applications and enhancing operational efficiency.

The revenue administration will profit from self-updating records, fewer errors, and improved reliability of land records. Moreover, the real-time connection between revenue records and lending bodies will serve as a robust safeguard against fraud and malpractice.

Any attempts to utilize forged documents or outdated records will be automatically flagged by the system, thereby shielding both lenders and legitimate farmers, she added.