Odisha Chief Minister, Naveen Patnaik has launched a common credit portal SAFAL’ (Simplified Application for Agricultural Loans) for the welfare of farmers. SAFAL is an abridged application for agricultural loans that will enable farmers and agri-entrepreneurs to access over 300 term loan products from more than 40 partner banks. It has also been integrated with Krushak Odisha and will have access to 70-plus model project reports. The application can revolutionise credit provisions for farmers and agri-entrepreneurs.
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About the SAFAL:
- 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.
- The portal will ease the loan application process benefiting both the farmers and banks significantly, the chief minister said. It will also reduce information asymmetry by sending farmers real-time notifications at every stage of their loan application.
- SAFAL will also provide the government with complete visibility of demand and disbursal of formal credit across states and ensure schemes are designed in a data-backed manner. He hoped that SAFAL would be a facilitator of credit to spur the agriculture and allied sectors in Odisha and increase the economic prowess of farmers in the long run.
Important takeaways for all competitive exams:
- Odisha Capital: Bhubaneswar;
- Odisha Chief Minister: Naveen Patnaik;
- Odisha Governor: Ganeshi Lal.