The Uttar Pradesh government, through its AgriStack initiative, is working with the International Finance Corporation to integrate digital solutions into farm lending, aiming to benefit the state’s eight crore farmers.
As part of this effort, the state government is providing APIs for land records and farm boundaries to satellite technology firm and startups which are working in the areas of using satellite imagery and artificial intelligence algorithms for improving public service delivery.
Companies such as SatSure which specialises in creating risk scores and ratings reports at both farm and village levels are using satellite imagery and artificial intelligence algorithms to determine which crops are growing on a specific land parcel.
The company’s technology solutions tracks changes in crop health and productivity, linking these changes with climatic factors such as rainfall, temperature, and humidity. Consequently, this information helps financial institutions assess a farmer’s income and repayment capacity more accurately.
The Bengaluru-based data analytics company works closely with the Reserve Bank of India Innovation Hub (RBIH), credit rating agencies such as TransUnion CIBIL, and leading private-sector banks including ICICI Bank and HDFC Bank.
Bengaluru-based firm is not the only company using satellite data for this purpose. Hyderabad-based Dhruva Space has recently launched AstraView, a commercial satellite imagery service that offers high-resolution, multi-dimensional insights. AstraView provides users with analytic-ready datasets, enhancing operational efficiency.
Customers can search through archived imagery or request new satellite data, ensuring both real-time and historical geospatial information is readily accessible. This feature is particularly useful for optimising operations and monitoring environmental changes without the complexities typically associated with traditional procurement methods.
SatSure relies on open-source data from the Copernicus programme by the European Space Agency, which provides global imagery every five days. In addition, it uses ISRO’s Bhuvan portal for land-use maps. These resources enable precise identification of croplands, fallow lands, and agro-forestry areas.
For banks, integrating APIs streamlines the loan approval process. By inputting a land’s location into the system, banks can instantly generate a detailed farm risk report. This innovation not only saves time but also enhances the services provided to farmers applying for loans.
Satellite imagery plays a vital role in precision farming by tracking crop health, soil conditions, and predicting yields. Such data enables better resource management and increased productivity.
The geospatial data value chain encompasses satellite and sensor data collection, analytics, cloud storage, and interpretation for various applications across agriculture, insurance, and infrastructure.
The increasing recognition of geospatial data’s value in diverse industries is driving enhanced decision-making and risk management capabilities.
In banking and insurance, satellite imagery supports risk assessment and claims processing by providing detailed views of properties and surrounding environments. Companies like Bengaluru-based Pixxel are extensively working in this space.
Their satellite data allows banks to move from generalised credit assessments to hyper-local, data-driven lending decisions. This approach provides a more accurate understanding of a farmer’s repayment capacity.
Moreover, satellite data enables insurers to design more tailored products that reflect the realities on the ground, providing better coverage for rural and vulnerable communities.
The convergence of satellite technology with agriculture and financial services is expected to improve real-time geospatial data powered precision farming and push inclusive financial solutions.
