Monday, October 26, 2020
Home Banking Finance SBI planning to launch mortgage product 'SAFAL' for natural cotton growers

SBI planning to launch mortgage product ‘SAFAL’ for natural cotton growers

State Bank of India is planning to launch a mortgage product, SAFAL, primarily focussed on natural cotton growers who have no credit score historical past, stated a high official of the nation’s largest lender. The financial institution is utilizing Artificial Intelligence (AI) and Machine Learning (ML) in a giant means for producing enterprise, SBI managing director C S Setty stated talking at a Fintech convention organised by Federation of Indian Chambers of Commerce and Industry (FICCI).

“We want to go beyond this so-called retail segment and reach out to… like farmers. Today I am not only giving crop loans. We are about to launch a product called Safe and Fast Agriculture Loan (SAFAL). There is a company which brought all the organic cotton growers and created a database on the basis of blockchain,” Setty stated. He additional stated that any purchaser of this cotton internationally can test whether or not the farmer really is rising the natural cotton.

“We are just taking the data and providing the credit linkage to them because they don’t have the credit history. They are not borrowers of crop loans but we have the ability to pick them up because the technology has brought them together and provided the market visibility to them,” he added. Citing one other instance of use of AI and ML, Setty stated the financial institution has accomplished 1.7 million pre-approved loans and 21,000 crore companies have been booked underneath this product throughout the lockdown.

Observing that the ability of knowledge analytics has been absolutely appreciated by the financial institution, he stated, “our AI/ML department is not an experimental department, it is a business-oriented department. We have had a net income creation of about Rs 1,100 crore in the last two years.”

Currently, he stated, the financial institution has greater than 40 Machine Learning based mostly fashions which it makes use of throughout the spectrum for enterprise, danger mitigation, fraud administration. The financial institution has constructed a functionality which is unmatched within the banking business, he claimed.


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