Q. Recently which finance institution unveiled ‘Digital Prayaas’ an app based digital-lending platform to facilitate loans to entrepreneurs from low income groups?
a) IDBI
b) SIDBI
c) SBI
d) HDFC
ANSWER:- b)
RELATED FACTS:-
- 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.
- 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.
By – ABHISHEK KUMAR
LINK
https://www.thehindu.com/business/sidbi-unveils-digital-prayaas-lending-platform/article35841208.ece