Rural Property Cards eyed as potential collateral for bank loans

In a recent assembly held by the Bankers Institute of Rural Development (BIRD) in Lucknow, the potential of Svamitva cards—official documents confirming individual ownership over rural properties—to serve as a financial asset for loan procurements was extensively discussed.

The Svamitva initiative focuses on the survey of villages, mapping these areas using advanced technology. These cards not only determine property ownership but also hold potential as tangible assets for rural citizens seeking financial avenues.

This significant gathering brought together a distinguished panel of experts, from the State Level Bankers Committee (SLBCs) to key officers from the Reserve Bank of India. They converged to debate the viability of these cards in fostering financial stability in rural settings. The meeting was chaired by Joint Secretary of Panchayati Raj, Alok Prem Nagar, with Deputy Secretary Arun Mishra also in attendance.

Among the central topics of discussion were the validation of property cards as undeniable proof of title, the transferability prospects of these cards, and the potential valuation of abadi land. Further, the participants deliberated on the prospects of employing these cards as collateral for bank loans and the necessary protocols for their registration. A notable official shed light on the focal points of the discussion, particularly emphasizing the registration provisions concerning property cards.

The panel comprised a broad spectrum of representatives from major national banks, including Indian Bank, Canara Bank, ICICI Bank, State Bank of India, Bank of India, Punjab National Bank, and Union Bank. Adding regional flavour, representatives from Pratham UP Gramin Bank, UP State Cooperative Bank, and Baroda UP Gramin Bank also participated.

Additionally, several esteemed commissioners from states such as Karnataka and Gujarat were present. Notably, Commissioner (Survey,) Karnataka, Manjunathan; Commissioner, Revenue, Karnataka, PS Kumar; Commissioner, SSLR, Gujarat, MA Pandya; Joint Commissioner, Land Records, MP, Akhilesh Jain; and Commissioner, Revenue, Uttarakhand, Chandresh Kumar, contributed their invaluable insights.

In conclusion, the meeting marked a pivotal step towards harnessing the untapped potential of rural property cards. With the concerted efforts of financial and regional experts, Svamitva cards could soon revolutionize how rural citizens approach financial institutions for their credit needs.

Next (Lucknow Development Authority unveils exclusive 'Second Innings' apartments for seniors)

Rural Property Cards eyed as potential collateral for bank loans

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