ABSTRACT
Financial inclusion in the agriculture sector is imperative to bring the marginalized and financially deprived segment of society under the ambit of formal finance. It has been increasingly debated by the society in recent days. It is a fact that without access to formal finance at a reasonable cost, inclusive growth is not possible and the agriculture sector provides livelihood and food security to the country. Financial inclusion and transformation in agricultural credit supply in India will act as a means to end the agricultural Indebtness and farmer suicide in the country. Agriculture at large should come under the ambit of formal finance. Another notable reform by the government is the Kisan Credit Card (KCC) which provides a platform for the farmers to get credit on a short-term basis. Which simple renewal is to be made by the farmer every year for up to 5 years after which the bank will provide with lengthy maximum period for renewal. Thus, farmers can make use of KCC to meet their working capital requirements such as seeds, fertilizers, pesticides, and equipment, etc., this study helps in analyzing the number of farmers and farm workers making use of this KCC facility. The study also suggests a few areas and means by which the government can reach the marginalized and financially deprived segment of the society. It also suggests some measures to bring down the supply of informal finance which actually takes the life of the farmers. Thus, the study insists on the need for formal finance/credit to the agrarian bulk, which is possible only through financial inclusion which supports and benefits the agriculture sector at large and cuts down the rate of farmer suicides in India.
Key Words: Financial inclusion, Agricultural Credit, Kisan Credit Card.
Received : 25th February 2019
Accepted : 15th February 2019
Published : 25th March 2019
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