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. 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. It offers the bank reliable data without the hassles of travel, operational or logistical to both parties. He further added, "We are bringing forth yet another futuristic technology of using satellite data and analysis to provide key inputs for credit assessments for lending to farmers.

Source: Mint May 28, 2021 12:18 UTC