Odisha CM launches common credit portal ‘SAFAL’ for farmers

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Odisha Chief Minister Naveen Patnaik launched a Common Credit Portal SAFAL, a Simplified Application for Agricultural Loans.

CM Patnaik said that 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.

With this facility farmers and agri entrepreneurs will have access to more than 300 term loan products being offered by 40 plus partner banks.

“The portal has been integrated with Krushak Odisha as well as the access to 70 plus model project reports,” Patnaik said.

It will ease the loan application process benefiting both the farmers and banks significantly. The portal will also reduce information asymmetry by sending farmers real-time notifications at every stage of their loan application.

He further said SAFAL will also provide the government with complete visibility of demand and disbursal of formal credit across state and ensure schemes are designed in a data-backed manner.