It claims to be the first bank in the country to use satellite data in this way…
Available in 500 villages across three Indian states… ICICI plans to scale up the service to a much larger 63,000 villages “shortly”.
The bank says it has partnered with “agri–fintech companies” to develop the technology… it’s their space technology which analyses weather information for ICICI.
Creditworthiness of a farmer is determined by a study of the land, irrigation and crop patterns… The technology analyses rainfall, temperature, soil moisture levels, and surface water availability data. It also looks at crop names, harvesting weeks, and crop yields. As well as the latitude, longitude and boundary of the land… From there, the bank can predict the past and future agriculture income, the timing of harvest and sources of income.