CURRENT AFFAIRS

Detailed explanation-1: -The correct answer is State Bank of India. State Bank of India is planning to launch a loan product, SAFAL, primarily focussed on organic cotton growers who don’t have any credit history. The bank is using Artificial Intelligence (AI) and Machine Learning in a big way for generating business.

Detailed explanation-2: -The country’s largest lender State Bank of India (SBI) is planning to launch a new loan project to provide loans to farmers on easy terms. Under the ‘Safal’ (SAFAL), loans are provided to the organic cotton growers who have taken no credit (NO Credit History) on easy terms.

Detailed explanation-3: -State Bank of India (SBI), the country’s largest lender has launched a new loan product to provide loans to farmers on easy terms and conditions. According to a top bank official, under the successful loan product called ‘SAFAL’, loans will be provided to organic cotton growers who have taken no credit on easy terms.

Detailed explanation-4: -’SAFAL’ stands for Simplified Application for Agricultural Loans. It will enable farmers and agri-entrepreneurs to access over 300 term loan products from over 40 banks. It has also been integrated with Krishak Odisha and will have access to over 70 model project reports.

Detailed explanation-5: -State Co-operative Agriculture & Rural Development Banks (SCARDBs) Regional Rural Banks (RRBs) State Co-operative Banks (StCBs) District Central Cooperative Banks (DCCBs)