- The ‘Digital Prayaas’ is a digital-lending platform based on an app.
- It offers loans to entrepreneurs from low-income groups.
- It is launched with an objective to sanction the loan to the low-income group's entrepreneurs by the end of the day i.e. fast delivery of loan.
- It will promote, finance and develop the MSME sector of India.
- It provides speedy onboarding of loans to the applicants in a safe and secure manner.
- The SIDBI has partnered with BigBasket to provide loans to its delivery partners to purchase e-bikes and e-vans. The loans will be granted at an affordable interest rate.
- The activities performed prior to the sanctioning of loans like e-KYC, credit score analysis will be done using an algorithm on an end-to-end basis in a digital manner.
- The app will facilitate post sanction documentation like e-signing and e-stamping of the documents by the executants.
- Static Part:
- HQ of SIDBI: Lucknow, Uttar Pradesh
- CMD of SIDBI: S Ramann
Question:
Q.1 Which organisation launched ‘Digital Prayaas’ which is an app-based digital platform to sanction loans to entrepreneurs by the end of the day?
a. SIDBI
b. State Bank of India
c. HDFC Bank
a. SIDBI
b. State Bank of India
c. HDFC Bank
d. SEBI
