Small Industries Development Bank of India (SIDBI) has unveiled ‘Digital Prayaas’ an app-based digital-lending platform to facilitate loans to entrepreneurs from low-income groups. The objective is to sanction a loan by the end of the day. The platform has engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs).
To cater to those from the urban area, SIDBI has tied up with BigBasket to provide loans to its delivery partners for the purchase of e-bikes and e-vans. the SIDBI-BigBasket initiative would create digital footprints that would further facilitate loans to the borrower’s family members for their own micro-enterprises. SIDBI should enter into similar arrangements with more partner institutions to increase its outreach.
Important takeaways for all competitive exams:
- CMD of SIDBI: S Ramann;
- SIDBI founded: 2nd April 1990;
- SIDBI Headquarters: Lucknow, Uttar Pradesh.