ICICI Bank has announced the introduction of usage of satellite data—imagery from earth observation satellites—to assess credit worthiness of its customers belonging to the farm sector.
The bank, the first in India and among few globally, will use satellite data to measure an array of parameters related to land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make faster lending decisions for farmers, it said.
“This use of technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit,” it added.
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Unknown titleit up to over 63,000 villages across the country in two to three months. The practice will employ satellite data to measure an array of parameters related to land, irrigation and crop patterns. <span>ICICI Bank has announced the introduction of usage of satellite data—imagery from earth observation satellites—to assess credit worthiness of its customers belonging to the farm sector. The bank, the first in India and among few globally, will use satellite data to measure an array of parameters related to land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make faster lending decisions for farmers, it said. “This use of technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit,” it added. Additionally, since the land verification is done in a contactless manner with the help of satellite data, credit assessments can be done within a few days as against the industry pract Summary
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