ICICI Bank becomes first bank in India to use satellite data to assess credit worthiness of farmers

Private lender ICICI Bank has become the first ever bank in India to make use of satellite data, imagery from Earth observation satellites, to assess credit worthiness of farmers.
Using the satellite data, the bank will be able to measure an array of parameters related to the land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make speedy lending decisions for farmers.
This innovative technology provides quick and technically sound analysis of the land, crop and irrigation patterns from remote locations, without the need of the customer or a bank official having to visit the land.