SIDBI Current Affairs

Udyam Abhilasha: SIDBI launches national level entrepreneurship awareness campaign

Small Industries Development Bank of India (SIDBI) has launched Udyam Abhilasha (उद्यम अभिलाषा), a national level entrepreneurship awareness campaign. It was launched in 115 Aspirational Districts identified by NITI Aayog in 28 States.

Udyam Abhilasha

The campaign will run from 3 October to 8 October, 2018 across India and reach out to around 15,000 youth. It will create and strengthen cadre of more than 800 trainers to provide entrepreneurship training to aspiring youths across these districts to enter admired segment of entrepreneurs.

For implementing this campaign, SIDBI has partnered with CSC e-Governance Services India Limited, a Special Purpose Vehicle, (CSC SPV) under Ministry of Electronics & IT through their CSCs. It will also tie-up with Banks, NABARD, NBFCs, SFBs, District Industries Centres, State Government etc.

CSC Village Level entrepreneurs (VLEs) will play role of catalyst under this campaign for these aspiring entrepreneurs. VLEs will provide training, support aspirants to establish new units, assisting them in availing loans and make them aware about various Government initiatives like Pradhan Mantri Mudra Yojana, SUI etc. and educate them in business literacy.

Objectives of Udyam Abhilasha

  • Inspire rural youth in aspirational districts to be entrepreneurs by assisting them to set up their own enterprise.
  • Impart trainings through digital medium across the country,
  • Create business opportunities for CSC-VLEs.
  • Focus on women aspirants in aspirational districts to encourage women entrepreneurship.
  • Assist participants to become bankable and avail credit facility from banks to set up their own enterprise.

Small Industries Development Bank of India (SIDBI)

SIDBI is principal development financial institution for promotion, financing and development of Micro, Small and Medium Enterprises (MSME) sector in India. It was established on April 2, 1990 through an Act of Parliament (thus, it is statutory body). It is headquartered in Lucknow, Uttar Pradesh. It facilitates and strengthens credit flow to MSMEs and address both financial and developmental gaps in MSME eco-system across the country.

Month: Categories: India Current Affairs 2018

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Finance Ministry launches web portal to grant loans to MSMEs within hour

Union Finance Minister Arun Jaitley launched portal www.psbloansin59minutes.com to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans within hour without need for branch visit.

The web portal will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs). It also simplifies decision making process for loan officer as final output provides summary of credit, valuation and verification on a user-friendly dashboard in real time.

PSB loans in 59 minutes Portal

The portal is strategic initiative of SIBDI led five PSB consortium incubated under aegis of Department of Financial Services (DFS), Ministry of Finance. It sets new benchmark in loan processing and reduces turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.

The portal integrates advanced fintech to ensure seamless loan approval and management in MSME banking credit space. The loans under it are undertaken without human intervention till sanction and or disbursement stage. It has User Friendly Platform, which omits need for physical submission of any physical document for in-principle approval.

It also uses sophisticated algorithms to read and analyse data points of MSME borrower from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than hour. It also captures applicant’s basic details using smart analytics from available documents.

Month: Categories: Banking Current Affairs 2018

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