Odisha CM Naveen Patnaik Launches Common Credit Portal for Farmers

GG News Bureau

Bhubaneswar, 27th Oct. Odisha Chief Minister Naveen Patnaik on Wednesday launched a common credit portal for farmers called SAFAL’ (Simplified Application for Agricultural Loans).

The portal will provide farmers and agri-entrepreneurs with access to more than 300 term loan products from over 40 banks, the chief minister said.

It has also been integrated with Krushak Odisha, giving it access to more than 70 model project reports.

He said the application has the potential to transform credit provisions for farmers and agri-entrepreneurs.

Patnaik stated that the portal is a one-stop solution for farmers and agri-entrepreneurs to obtain formal sector credit from public and private sector banks, Regional Rural Banks, State Cooperative Banks, and Small Finance Banks.

According to the chief minister, the portal will significantly simplify the loan application process, benefiting both farmers and banks.

It will also reduce information asymmetry by sending farmers real-time notifications throughout the loan application process.

Patnaik stated that SAFAL will also provide the government with complete visibility of demand and disbursement of formal credit across states, as well as ensure that schemes are designed using data.

He hoped that SAFAL would be a credit facilitator in Odisha, boosting agriculture and allied sectors and increasing farmers’ economic prowess in the long run.