India, 15.07.2023: Indian Overseas Bank has partnered with SatSure (https://www.satsure.co/), a deep tech decision intelligence company to leverage location specific insights via satellite imagery and digital transformation to improve Agri asset loan lifecycle management.
The project will commence with a three-month Proof of Concept (POC) phase, scheduled to run from June to August. During this period, Indian Overseas Bank will utilize two key services offered by SatSure:
Sat Source Report: SatSource report combines 30+ parameters which affect the crops and the income potential of the farmer from the crops cultivated in the previous seasons
Lead Generation: Regional level agricultural and crop analytics will be provided to understand the historical risk and plan the lead generation.
The agriculture credit target in India has been increased to Rs 20 lakh crore for this fiscal year. Agriculture accounts for 52% of the total population of India, but has 7.3 Crore operative KCC (Kisan Credit Card). One of the major problems in credit lending today in the agricultural sector is the limited availability of crop and production risk for historical and current seasons. This increase in the credit target thus will require better risk management datasets and tools for banks to make informed lending decisions and increase the credit access for farmers in India.
By adopting advanced digital tools and satellite data analytics, Indian Overseas Bank aims to transform the traditional process for agriculture loans. This innovative approach is aimed to enhance efficiency and bring cost-effectiveness to KCC loans backed by a digital transformation solution by SatSure.
