How banks are using satellite images to determine farmers' income & repayment capacity
1 month ago

How banks are using satellite images to determine farmers' income & repayment capacity

Firstpost  

Some companies provide satellite-based risk scores and ratings at both farm and village levels. Combined with climatic data on rainfall, temperature, and humidity, these insights allow banks to gauge a farmer’s income potential and repayment capacity with greater precision The geospatial data ecosystem—spanning data collection, analytics, and application—is revolutionising sectors like banking and insurance. As per the ET report, the data with the company, combined with climatic data on rainfall, temperature, and humidity, these insights allow banks to gauge a farmer’s income potential and repayment capacity with greater precision. A new era of data-driven banking and insurance The geospatial data ecosystem—spanning data collection, analytics, and application—is revolutionising sectors like banking and insurance. With tools like SatSure, AstraView, and Pixxel’s Fireflies satellites, data-driven decision-making is reshaping rural financial inclusion, offering targeted support to farmers and vulnerable communities.

Data Credit Risk Satellite Banks Satellite Data Satsure Pixxel Repayment Capacity Income Repayment  images  banking  income  repayment  farmers  risk  insights  data  satsure  capacity  satellites  using  determine  credit  satellite  banks

History of this topic

ICICI to use satellites for farm credit
4 years, 4 months ago

ICICI to use satellites for farm credit

The Hindu  

ICICI Bank has announced the introduction of usage of satellite data-imagery from earth observation satellites—to assess credit worthiness of its customers belonging to the farm sector. “Use of technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit,” it added. Earlier, one had to visit remote locations to manually assess …

ICICI Bank to use satellite data to assess credit profile of farmers
4 years, 4 months ago

ICICI Bank to use satellite data to assess credit profile of farmers

The Hindu  

ICICI Bank has announced the introduction of usage of satellite data—imagery from earth observation satellites—to assess credit worthiness of its customers belonging to the farm sector. The bank, the first in India and among few globally, will use satellite data to measure an array of parameters related to land, irrigation and crop patterns and use it in combination with demographic …

Discover Related