Odisha Chief Minister Naveen Patnaik Wednesday launched a common credit portal ‘SAFAL’ (Simplified Application for Agricultural Loans) for the welfare of farmers.
The agricultural loan application system SAFAL (Simplified Application for Agricultural Loan) has been launched by Odisha Chief Minister Naveen Patnaik on Wednesday.
Odisha Chief Minister Naveen Patnaik Wednesday launched a common credit portal ‘SAFAL’ (Simplified Application for Agricultural Loans) for the welfare of farmers.
The facility will enable farmers and agri-entrepreneurs to access more than 300 term loan products of over 40 banks, the chief minister said while launching the portal.
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, he said.
Expressing satisfaction over the launch of the portal, Patnaik said that 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.
Patnaik said that 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.