‘Digital Prayaas’ --- SIDBI

Published on August 12, 2021
Current Context: The Small Industries Development Bank of India (SIDBI) has launched ‘Digital Prayaas’.
‘Digital Prayaas’ --- SIDBI
  • 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


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?
b. State Bank of India
c. HDFC Bank 

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