With recent reports suggesting that India is leading the consumption of voice calls and mobile data using mobile phones, which has increased over 50 times in the past five years; the Government of India is now working towards making rural India digital. During the 2019 Budget Finance Minister Piyush Goyal announced the initiative to connect 1 lakh villages with the digital services offered by the Government, within the next 5 years.
The lender, India’s fourth largest by assets, is using pictures taken from space and analysed by a third-party firm, for farm loans in 500 northern Indian villages, with plans to take the technology to 63,000 villages. Data from satellite images would help ICICI Bank cut costs and reduce the time taken to give out loans.
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