Bhubaneswar, Oct 28 (KNN) The Odisha Chief Minister Naveen Patnaik on Thursday launched a common credit portal 'SAFAL' for farmers with access to 300 term loan products.

"SAFAL is a simplified application for agricultural loans and it is the country’s first online agricultural credit facilitation portal," an official press release said.

The online credit facility will allow farmers and agri-entrepreneurs to gain access to over 300 term loan products from more than 40 partner banks.

Addressing the launch ceremony, Patnaik said “the application is a one-stop-solution for farmers and agri-entrepreneurs to avail credit from public and private sector banks, regional rural banks, state cooperative banks and small finance banks.”

Besides, it has been integrated with Krushak Odisha as well as access to 70 plus model project reports, he said.

As per reports, the portal 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.

The chief minister during his speech visioned that 'SAFAL' would be a facilitator of credit to spur the agriculture and allied sectors in the state, further increasing the economic prowess of farmers in the long run.  (KNN Bureau)