As technology advances, so does the way we conduct business. The e-KYC, or electronic Know Your Customer, is an online tool designed to simplify the process of verifying the identity of customers. While this tool is useful for many industries, it has garnered special attention in the farming community in the wake of farmer deaths across India.
The e-KYC is a paperless means of verifying a customer’s identity. Through this system, farmers can provide their identity information electronically and get easy access to loans and other financial benefits without having to provide physical copies of documents. This tool is especially useful for farmers in remote areas who do not have access to traditional banking and financial services.
However, the use of e-KYC has come under scrutiny in the wake of farmer deaths in India. Many farmers have committed suicide due to the financial burden of their farming activities. Critics argue that e-KYC enables lenders to easily access a farmer’s financial and personal information, putting them at greater risk of exploitation.
The government has taken steps to address these concerns by ensuring that farmers have access to more affordable credit and other financial services. For example, the government has launched the PM Kisan scheme, which provides financial assistance to small and marginal farmers. Additionally, the government has introduced various schemes to alleviate the debt burden on farmers, including the Crop Loan Waiver Scheme.
In conclusion, while e-KYC can be a useful tool for farmers to access financial services, it is important that it is implemented with caution. Farmers’ privacy and data security should be taken seriously and must be ensured to protect their interests. The government and other stakeholders should come together to ensure that farmers can access financial services without being at risk of exploitation or financial distress.