ID :
206186
Fri, 09/09/2011 - 09:42
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http://m.oananews.org//node/206186
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Thai farmers to soon have credit cards
BANGKOK, September 9 (TNA) - Thai farmers will be offered credit cards for the first time late this year, thanks to the new government's policy, aimed to fulfill one of its major campaigns promised to voters during the country's latest general election on July 3.
Luck Wajananawat, President of the government-run Bank for Agriculture and Agricultural Co-operatives (BAAC), said that his bank has been assigned by the new Pheu Thai Party-led administration to launch the credit card project for local farmers across the country on November 1, 2011, noting that a "smart card" system will be used for security authentification.
Luck acknowledged that the BAAC credit cards for Thai farmers will initially be limited to payment for their farm production costs via agricultural cooperatives and over 3,000 stores affiliated with the BAAC nationwide, and that the credit cards will provide a maximum 70 per cent loan limit to local farmers in accordance with the value of each farmer's products for sale, with a 7 per cent interest rate or zero per cent in case a subsidy is provided by the government.
According to the BAAC chief, other benefits to be provided for the local farmers under the new credit card project include annual fee exemption, a 30-day interest-free period, free life insurance of no more than 100,000 baht, emergency cash loans of 10,000 baht, special interest rates for cash deposits and promotions from networked stores covering discounts, point-of-sale collections for gifts or other rewards.
The BAAC president said that local farmers will later be able to withdraw cash and make payments along with other services offered by other service providers in the second-phase of the project, and that the project will first be sponsored by a state budget of some 20 billion baht in the first year, about 44.6 billion baht in the second year and around 70 billion baht in the third year. (TNA)
Luck Wajananawat, President of the government-run Bank for Agriculture and Agricultural Co-operatives (BAAC), said that his bank has been assigned by the new Pheu Thai Party-led administration to launch the credit card project for local farmers across the country on November 1, 2011, noting that a "smart card" system will be used for security authentification.
Luck acknowledged that the BAAC credit cards for Thai farmers will initially be limited to payment for their farm production costs via agricultural cooperatives and over 3,000 stores affiliated with the BAAC nationwide, and that the credit cards will provide a maximum 70 per cent loan limit to local farmers in accordance with the value of each farmer's products for sale, with a 7 per cent interest rate or zero per cent in case a subsidy is provided by the government.
According to the BAAC chief, other benefits to be provided for the local farmers under the new credit card project include annual fee exemption, a 30-day interest-free period, free life insurance of no more than 100,000 baht, emergency cash loans of 10,000 baht, special interest rates for cash deposits and promotions from networked stores covering discounts, point-of-sale collections for gifts or other rewards.
The BAAC president said that local farmers will later be able to withdraw cash and make payments along with other services offered by other service providers in the second-phase of the project, and that the project will first be sponsored by a state budget of some 20 billion baht in the first year, about 44.6 billion baht in the second year and around 70 billion baht in the third year. (TNA)
