Good news for farmers! SBI plans to disburse agri loans digitally

The country's largest lender SBI is running pilot projects to disburse agricultural loans digitally and expects to roll out the services very soon, a top official said Tuesday.

"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," SBI MD (Retail & Digital Banking) P K Gupta said on the sidelines of an event here.

When asked about the time-line for the launch of the services, he said as the pilot projects are on already, the bank hopes to provide such services soon.

Speaking at the Inclusive Finance India Summit 2018, Gupta said there are lot many fin-tech players presently and many states also have the land records of the farmers, so it will help in providing digital loans to farmers using technology.