Chief Minister Naveen Patnaik on Wednesday launched a common credit portal SAFAL, a simplified application for agricultural loans, which he said, can revolutionise the credit provisions for farmers and agri-entrepreneurs.
He said the application is a one-stop solution for farmers and agri-entrepreneurs to avail formal sector credit from public and private-sector banks, , State Cooperative banks and small finance banks. Farmers and agri-entrepreneurs would have access to more than 300 term-loan products being offered by 40 plus partner banks.
Besides, he added, it has been integrated with Krushak Odisha as well as access to 70 plus model project reports. It would ease the loan application process benefiting both the farmers and banks significantly. The portal would also reduce information asymmetry by sending farmers real-time notifications at every stage of their loan application, he assured.
He hoped the SAFAL would be a facilitator of credit to spur the Agriculture-notes-for-state-psc-exams”>Agriculture and allied sectors and increase the economic prowess of farmers in the long run.