Small Industries Development Bank of India (SIDBI), engaged in promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) 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.
To cater to those from the urban area, SIDBI has tied up with BigBasket to provide loans to its delivery partners for purchase of e-bikes and e-vans.
Debasish Panda,Secretary, Department of Financial Services, while unveiling the two initiatives, said the SIDBI-BigBasket initiative would create digital footprints that would further facilitate loans to the borrower’s family members for their own micro enterprises.
He also emphasised that SIDBI should enter into similar arrangements with more partner-institutions to increase its outreach.
Sivasubramanian Ramann, CMD, SIDBI said, “The app facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction.”
