SIDBI unveils Digital Prayaas lending platform

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-l

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.