Dr. Rajendra Sarkar, CEO of Satara DCC Bank, spoke on the topic of Lending at the FCBA 2024 conference at Lucknow. Edited excerpts:
Among DCC banks, lending is routed through mostly primary agriculture cooperative societies (PACS). Different types of loans are provided, for short term, medium term and long term. We are also giving direct finance. If roots are strong, then we get good fruits. So, in lending, what are the roots? Our previous system was manually financing, with customer coming to bank and submitting their application. It was taking 2-3 months to get loan sanctioned. But now, in roots means digitization. Now our bank is in full digitization mode. The bank has selected Finacle software. Now the farmer does not have to come to bank regularly.
Farmers are still not much aware about digital technology – that is the challenge. So we need to educate them. Now we have developed this system and almost 80% of the applications are coming through this digitization. And we are sanctioning loan accordingly.
We are digital right from application to sanction and disbursement. In my district, we are at a top position. In district credit plan, 75% contribution is from our bank. Farmers and customers have 100% faith upon this. Why? Because we are providing a lot of services to the farmers. We developed the loan monitoring system and we are implementing all security measures.
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