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29/10/22 22:08 PM IST

Odisha CM Naveen Patnaik launches Safal common credit portal for farmers

In News 
  • Odisha Chief Minister, Naveen Patnaik has launched a common credit portal SAFAL’ (Simplified Application for Agricultural Loans) for the welfare of farmers.
About SAFAL Portal 
  • 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.
Benefits 
  • It will minimise information asymmetry by sending real-time notification about the status of the loan to farmers at every stage of the loan application.
  • It will also benefit the government by providing complete visibility of demand and disbursal of formal agricultural credit across states.
  • This information will help create a data-backed government policies and schemes in the future.
  • The portal will increase access to agricultural loans, which in turn will boost the farmers’ productivity and growth of agri-businesses.
  • This portal has been integrated with Krushak Odisha. It has access to more than 70 model project reports.
Krushak Portal 
  • Krushak Odisha is an authentic database of farmers in the state, including small, marginal, and landless cultivators and agricultural labourers.
  • It provides information related to the farmers’ residence, land, crops cultivated, livestock reared, and fisheries practiced.
  • This information has been verified by government extension workers.
  • The database aims to reduce paperwork for farmers and ease access to government services and schemes.
  • The integration of Krushak Odisha portal with SAFAL portal will ensure that the banks get authentic information about farmers who are applying for credit facilities.
Source- Indian Express 

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