ICICI Bank uses Satellite Data to Assess Credit worthiness of Farmers

Published on August 26, 2020
Current Context: ICICI Bank is making use of imagery from earth observation satellites i.e. making use of data from the satellite to Assess Credit worthiness of farmers.
ICICI Bank uses Satellite Data to Assess Credit worthiness of Farmers
  • Thus by doing so, ICICI Bank has become the first bank in India to use such an advance technique.
  • With the help of satellite data, ICICI Bank will measure an array of parameters in relation to land, irrigation and crop patterns so that they can analyse these parameters and will make financial quick lending to the farmers to carry out their agricultural work.
  • The satellite data will also be delivering demographic and financial details, thus by providing accurate and precise information about the land assets of farmers. 
  • This advance technique, will also help farmers to get better access to formal credits. 
  • Under this advance technique, on getting data from satellites, the credit assessments are made within 15 days by the bank.
  • This initiative is started by the bank in villages of Maharashtra, Madhya Pradesh and Gujrat. 
  • The satellite data will give details about rainfall, temperature, soil moisture levels, tentative suitable sowing and harvesting weeks, crop health etc.
  • Static Part: 
    • HQ of ICICI Bank: Mumbai
    • MD and CEO of ICICI Bank: Sandeep Bakshi
    • Tagline of ICICI Bank: Hum Hai Na, Khayal Aapka

Question: 

Q.1 Which bank has started to use Satellite Data to Assess Credit worthiness of farmers?
a. SBI
b. ICICI Bank
c. Axis Bank
d. Exim Bank

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