State Bank of India (SBI), the country’s largest lender has planned to launch a new loan product to provide loans to farmers on easy terms. According to top bank official, under the successful loan product called ‘SAFAL’, loans to the organic cotton growers who have taken no credit on easy terms will be provided.
SBI New Loan Scheme for Farmers:
Managing Director of SBI, CS Setty said at the Fintech Conference of FICCI that Artificial Intelligence (AI) and Machine Learning (ML) are being used extensively to generate the country’s largest lender business.”
He added, “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 distributed 17 lakh pre-approved loans amid lockdown:
Setty has also said that the company would create a database of organic cotton growers. With the help of this database, any buyer of the world will be able to easily know whether the farmer is actually producing organic cotton or not. We will take the data of cotton growers and provide them credit facilities as they do not have any credit history.”
Crop Loans to Cotton Growers:
He further added that crop loans are not given to cotton growers, but now we will give them this facility. He gave example of artificial intelligence and machine learning and said that during the lockdown, the bank has distributed 17 lakh pre-approved loans.
CS Setty said that the bank has fully utilized the use of the power of data analytics. The AI-ML department of the bank is not a department started as an experiment. By this department, the bank has got a lot of business. In the last 2 days, we have achieved a net income of 1,100 crore rupees. Presently, the bank has 40 machine learning based models. They are being used to increase business, assess risk & avoid fraud. He claimed that bank currently has the largest capacity in the banking industry.
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