Satellite imagery help banks assess farmers' income, repayment capacity
AgriStack initiative, for rolling digital farm lending in Uttar Pradesh for its eight crore farmers, the State government is currently working with the International Finance Corporation for providing APIs of the state’s land records and farm boundaries to SatSure and a couple of other companies.
Bengaluru-based Space tech company SatSure provides satellite-based risk scoring and ratings reports at both farm and village level. It extracts patterns from satellite imagery using AI algorithms which can identify what crop is growing within a land parcel.
It tracks changes in health, productivity, and provides insights on how these changes are related to climatic variables like rainfall, temperature, and humidity. These insights help banks understand the farmer’s income from the land and his ability to repay a loan.
It also works with the Reserve Bank of India Innovation Hub (RBIH), credit rating agencies like Transunion CIBIL, and several large private sector banks like ICICI Bank and HDFC Bank.
SatSure is not alone. Last week, Dhruva Space announced AstraView, a commercial satellite imagery service.
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