Digitization of Land Records
What is it?
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The Government of India is encouraging states to digitize land records.
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States like Karnataka, Rajasthan, MP, UP, Kerala, AP, Telangana, Gujarat have already done it.
Why is Digitization Important?
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Better Loan & Credit Delivery:
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Banks can now create an online mortgage charge on the land easily.
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Only genuine landowners can now take agricultural loans.
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This helps reduce frauds in loan sanctioning.
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What is a Mortgage Charge?
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It means the transfer of ownership interest in land to secure a loan.
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For example, a farmer mortgages his land to get a loan from the bank.
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Faster, Transparent Process:
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Earlier: Farmers had to submit physical land records, get them authenticated, and sign many documents.
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Now: The entire process is online and quick, thanks to digitized land records.
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Benefits:
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Reduces corruption and fraud.
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Ensures loans go to real farmers.
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Saves time and paperwork.
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Improves financial inclusion in rural areas.