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).
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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.
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