Through satellite data farmers can avail loan! Know details!
Important news for farmers. This information will be useful for farmers who are willing to take loans from banks. Now the satellite system has started to give loans to farmers. Through this technique, satellite images of the farmers' fields are first taken and they are evaluated accordingly. They are provided loans on this basis. ICICI Bank has started this. The specialty of this technique is that it takes less time to approve loans and it is easier for banks to assess the financial condition of farmers and banks also spend less on this. For the past few months, ICICI Bank has been using the same satellite data for more than 500 villages in Maharashtra (Maharashtra), Madhya Pradesh (Madhya Pradesh) and Gujarat (Gujarat). The bank says that with the help of this technology, the goal of extending the loan to more than 60 thousand villages. As far as the benefits of farmers are concerned, the biggest benefit is that this technology will help in increasing the debt limit of farmers. Those farmers who have joined the bank as new members will also be able to take advantage of this. ICICI Bank is perhaps the first bank in the country to use this.
This is how this scheme will work
The main advantage of this scheme is that the officers or employees of the banks do not have to go to the farmers' fields themselves. Till now it used to be that before sanctioning loans to farmers, the staff of the bank used to visit the fields themselves, observing the crop, its quality, irrigation arrangements, land conditions etc. of the concerned farmer. But now it will be convenient that the bank will take the satellite image of these farms and send it to the third party. That third party will do the complete verification at their level and based on these images, the size of the farm, the quality of the crop will be determined and the income of the farmer can be assessed.
Loan will be available soon
ICICI Bank Executive Director Anoop Bagchi says that using this 'satellite image' will reduce the bank's expenses as compared to earlier. Apart from this, the time taken for loan approval will also be reduced. Using this technique, the loan is sanctioned within a few days. Otherwise, it usually takes at least a month to get the loan sanctioned.
Source: : Naidunia, 26 August 2020,
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