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Scheme to cover loans for general purposes under General Credit Card (GCC) - RBI guidelines dated 27thDecember 2005

Credit cards are now being extensively issued to and used by individuals to make purchases of goods and services on credit and make cash withdrawals.

In rural areas, with limited Point-of-Sale (POS) and limited ATM facilities, there has been demand for General Credit Card (GCC) akin to Kisan Credit Card (KCC). RBI has therefore decided that banks introduce a General Credit Card (GCC) Scheme for issuing GCC to their constituents in rural and semi-urban areas, based on the assessment of income and cash flow of the household similar to that prevailing under normal credit card.

Under the scheme, there would not be any insistence on security and the purpose or end-use of the credit. Interest rate on the facility may be charged, as considered appropriate and reasonable. The limit may be periodically reviewed and revised/cancelled depending on track record of the account holder. With a view to targeting women as beneficiaries of bank credit, they may be given a preferential treatment under the GCC Scheme.

Banks may utilize the services of local post offices, schools, primary health centers, local government functionaries, farmers' association/club, well-established community-based agencies and civil society organisations for sourcing of borrowers for issuing GCC.

>>> Read detailed RBI Guidelines on General Credit Card

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