ICICI Bank to use satellite data to assess creditworthiness of farmers

Mumbai: ICICI Bank has announced a unique way to assess creditworthiness of a specific group of customers. The bank will use satellite data imagery to assess the creditworthiness of its customers belonging to the farm sector.

With the introduction of this new method, ICICI Bank will become the first in India and among few globally to use satellite data to measure an array of parameters related to the land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make quicker lending decisions for farmers.

The company claims the technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit.