A Common Credit Portal SAFAL, a simplified application for Agricultural Loans, was launched for Odisha farmers.
Launching the portal on the virtual platform on Wednesday, CM Naveen Patnaik said that the application can revolutionise credit provisions for farmers and agri-entrepreneurs.
Patnaik said the application is a one-stop solution for farmers and agri-entrepreneurs to avail formal sector credit from Public and Private sector banks, Regional Rural Banks, State Cooperative Banks and Small Finance Banks.
With this facility, the farmers and Agri entrepreneurs will have access to more than 300 term loan products being offered by 40 plus partner banks, the Chief Minister said.
The application has been integrated with Krushak Odisha as well as access to 70 plus model project reports.
It will ease the loan application process benefiting both the farmers and banks significantly.
The portal will also reduce information asymmetry by sending farmers real-time notifications at every stage of their loan application, Patnaik said.
SAFAL, he said, will also provide the government with complete visibility of demand and disbursal of formal credit across states and ensure that the schemes are designed in a data-backed manner.
Patnaik hoped that SAFAL would be a facilitator of credit to spur the agriculture and allied sectors in Odisha and increase the economic prowess of the farmers in the long run.
Finance Minister Niranjan Pujari, Agriculture and Farmers’ Empowerment Minister Ranendra Pratap Swain Agriculture Production Commissioner-cum-ACS Sanjeev Chopra, the CEO of RBI Innovation Hub and CMD of UCO Bank also spoke on the occasion.