SIDBI Enhances Udyamimitra Portal for MSME Lending

SIDBI Enhances Udyamimitra Portal for MSME Lending

The upgraded version of Udyamimitra, which will be ready by April next year, is aimed at promoting transparency, deepen outreach and reduce the cost of credit for micro and small enterprises at the bottom of the pyramid.

Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone

Small Industries Development Bank of India (SIDBI) plans to broaden and deepen its scope of lending to small and medium businesses by upgrading its lending portal Udyamimitra.

The upgraded portal will put in place a digital financial marketplace for micro, small and medium enterprises (MSMEs) to leverage the presence of new-age NBFCs, fintechs along with conventional banking channels for easy access to financial products, SIDBI said in a statement.

The upgraded version of Udyamimitra, which will be ready by April next year, is aimed at promoting transparency, deepen outreach and reduce the cost of credit for micro and small enterprises at the bottom of the pyramid.

It will focus on delivering value through risk assessment using data and analytics by leveraging external sources of data such as payments, GST, utilities.

SIDBI

Towards this end, SIDBI has invited bids on September 30 to implement the enhancement project on a build operate and transfer basis.

Udyamimitra 2.0 shall enable access to contactless loans, convergence with different agencies, including state/ central subsidy agencies, co-lending, wholesale capital access to lenders from SIDBI as well as MUDRA, the statement said.

The digital marketplace is now being opened to NBFCs and fintechs lenders as well as value-added services providers to improve the credit delivery services.

The onboarding of fintechs on the Udyamimitra portal is expected to ease the process of matchmaking between all type of privately promoted fintechs and the public sector banks, it said.

It will also bring on board more participants other than lenders to expand the range of services on the portal with an array of value-added services.

Leave a Reply

Your email address will not be published. Required fields are marked *