ICICI Bank is deploying satellite data to power farm credit assessment, which it claims will reduce the cost for both farmers as well as the lender. The bank has been piloting the project in a few select villages for the past two years and is extending the same to 500 villages in Maharashtra, Madhya Pradesh, and Gujarat now. The bank is using readily available satellite images from ISRO and NASA for the purpose and plans to scale up to 63,000 villages in the next three months.
ICICI Bank is a leading private sector bank in India.
