India’s largest lender State Bank of India (SBI) is running a pilot project in a bid to disburse agricultural loans digitally. This service is expected to be launched very soon, said a top official from the bank.
“We are doing some pilot projects. We have tied-up with some players for settlement of payments. Also, the digital land records of farmers are available,” said P K Gupta, Managing Director, SBI (Retail & Digital Banking).
Gupta said that the pilot project of the bank is already running and the services are expected to be unveiled soon.
He said that a lot of fin-tech players working in the country and many states across India also have the land records of the farmers, so the soon to be launched service will definitely help in providing digital loans to farmers using technology.