BENGALURU (Reuters) - India's ICICI Bank Ltd <ICBK.NS> has begun using satellite images of farmland to help assess farmers' credit-worthiness, a move the bank says is helping cut travel costs and make faster lending decisions in a world hit by the COVID-19 pandemic.
The lender, India's fourth largest by assets, is using pictures taken from space and analysed by a third-party firm, for farm loans in 500 northern Indian villages, with plans to take the technology to 63,000 villages, it said on Tuesday.
Indian banks typically deploy officials to travel hundreds of miles across the hinterland to assess irrigation systems, crop quality and land location for forecasting farm revenue to make loans. Agriculture accounted for nearly 15% of India's $2.8 trillion economy as of January.
Data from satellite images would help ICICI Bank cut costs and reduce the time taken to give out loans, Executive Director Anup ...
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