Anup Bagchi, Executive Director, ICICI Bank, stated that with encouraging reaction to their pilot mission in over 500 villages, they will rapidly cover over 63,000 villages within the country for lending with this technology.
To push Kisan credit score card (KCC) loans, ICICI bank on Tuesday introduced the usage of satellite data imagery from the Earth observation satellites to assess the creditworthiness of its customers in the farm region. This generation will assist farmers, who’re current clients of the bank in addition to non-customers, to avail KCC loans, as consistent with the lender. As of June 2020, the rural loan book of the bank stood at Rs 57,177 crore, and KCC accounts for one 1/3 of the entire portfolio. Although the bank did no longer provides a unique target for credit growth with the use of technology, it plans to scale up its usage.
Anup Bagchi, Executive Director, ICICI Bank, said, with encouraging reaction to their pilot project in over 500 villages, they can shortly cover over 63,000 villages within the united states for lending with this generation of technology.
For the reason that land verification is completed in a contactless way with the assist of satellite data, credit assessments may be accomplished inside a few days as, towards the enterprise practice of up to 15 days, he similarly stated. This could help farmers with existing credit to enhance their eligibility, while new-to-credit score farmers can now get better get entry to credit, the bank said.
This initiative gains importance at a time while humans are recommended to live indoors and avoid travel inside the wake of the Covid-19 pandemic. This use of satellite records provides a short and technically sound analysis of the land, crop, and irrigation styles from faraway locations, without the want of the consumer or a bank official having to go to the land. It offers farmers the considerable benefit of reliable statistics being supplied to the bank without any hassles of journey, operational or logistical expenditure to them.
The bank claims to be is the first in India and among few globally to use satellite data to degree an array of parameters associated with the land, irrigation, and crop styles.
