ICICI Bank, a leading private sector bank in India, utilizes satellite data and imagery to assess the creditworthiness of farmers, particularly regarding farm loans. By partnering with agri-fintech companies, ICICI analyzes data related to land, irrigation, and crop patterns to expedite loan decisions and reduce costs. This innovative approach allows for remote, contactless verification of farmland, benefiting both the bank and farmers by saving time and resources. ICICI bank has been using satellite data for the past few months in over 500 villages in Maharashtra, Madhya Pradesh and Gujarat and plans to scale up the initiative to over 63,000 villages shortly across the country.
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