State Bank of India (SBI) is planning to launch a loan product called Safe and Fast Agriculture Loan (SAFAL), primarily focussed on organic cotton growers who don't have any credit history. The bank is using Artificial Intelligence (AI) and Machine Learning (ML) in a big way for generating business. The bank has done 1.7 million pre-approved loans and 21,000 crore businesses have been booked under this product during the lockdown.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
