India’s ICICI bank is utilizing images captured from space and investigated by the third-party firm, for farm loans in approximately 500 northern Indian villages, along with the plans to exert technology to 63,000 villages.
The ICICI bank of India has commenced using satellite stills for farm loans to save money as much as possible. This would help farmers to estimate their credit-worthiness as well. Initiating this move, the bank stated, this will cut travel costs and proceed more securely by making more agile lending decisions across the world buffeted by the COVID-19 pandemic.
On Tuesday, India’s fourth volumetric lender in terms of assets is accessing pictures that are captured from space and investigated by any other third-party organization for farm loans in almost 500 villages in northern India. Additionally, the bank also stated that along with this they are also prepping up to carry technology to 63,000 other villages.
ICICI’s CEO Anup Bagchi Sets out to Satellites
Indian banks basically appoint officers to check and assess the value of farms before providing loans against lands. These officers travel 100 of miles for the assessment of crop quality, irrigation systems, and land locations before providing loans. The agriculture sector in India provides 15% of India’s 2.8 trillion economies as per January. Data taken from satellite images is going to be very helpful to cut costs and reduce expenses that have to be spent on the assessment of lands. And this also makes the loan sanction lot faster than usual.
ICICI bank becomes the very first bank to access satellite images for the farmer loans. Talking about this move, ICICI’s CEO Anup Bagchi claimed that it is the first bank whether in public or private sectors which uses this blend of satellite imagery and superior analytics in terms to prolong loans to farmers.
Apart from this, he also claims that ICICI is the only bank among the few banks across the world that utilize this technology for agriculture sector loans or farm loans. All these details were given by the CEO of ICICI bank Anup Bagchi to reporters on a conference call. “This process will go out soon after ICICI practice of 15 days or more than that”. Bagchi also said that this will help us getting data a lot more faster and minimize the wastage of time. So, that’s all for today, stay tuned with us for more tech updates, will be back shortly.