Friday, 24 March, 2023

ICICI Bank to use satellite data to enable speedy lending to Indian farmers

<p>ICICI Bank has introduced the use of satellite data to assess the creditworthiness of its existing and new farmer customers, becoming the first Indian bank to do so. The satellite imagery will assess parameters related to land, irrigation, and crop patterns, combine-checked for demographic, financial parameters to enable speedy lending to the farmers. The bank has, so far deployed, this tech in 500+ villages and plans to expand it to 63,000 villages in the country.</p>