SBI to launch new loan scheme for farmers!
New Delhi. The country's largest lender State Bank of India (SBI) is planning to launch a new loan project to provide loans to farmers on easy terms. Under the 'Safal' (SAFAL), loans are provided to the organic cotton growers who have taken no credit (NO Credit History) on easy terms.
SBI Managing Director CS Setty said at the Fintech Conference of FICCI (FICCI) that Artificial Intelligence (AI) and Machine Learning (ML) are being used extensively to generate the country's largest lender business. We want to reach out to the farmers by going out of our retail segment. At this time, we are not only giving Crop Loans, but will soon be launching Safe and Fast Agriculture Loans (SAFAL).
'SBI is making full use of the power of data analytics'
SBI MD said that the bank has made full use of the power of data analytics. The AI-ML department of the bank is not a department started as an experiment. Due to this department, the bank has got a lot of business. In the last two days, we have achieved a net income of Rs 1,100 crore.At present, the bank has 40 machine learning based models. They are being used to increase business, assess risk and avoid fraud. SBI currently has the largest capacity in the banking industry.
Source: News 18, 8 September 2020,
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