- TransUnion CIBIL will collaborate with Online PSB Loan Limited to rank Micro Small and Medium Enterprises.
- They will rank according to the mentorship of the Small Industries Development Bank of India (SIDBI).
- FIT Rank will rate the MSME from 1-10 based on their current accounts, Income Tax Returns, and Goods and Service Tax (GST).
- This will help to increase the credit flow to small businesses and help to reduce loan losses on betting.
- The ranking will be made with the help of a credit default predictor model based on financial, income, and trade data.
- Under this ranking, more than 6 crores of MSME will come.
- FIT rank 1 will be the least risky MSME and FIT Rank 10 will be the most at-risk MSME.
- FIT Ranking can be used to purchase machinery upto Rs. 50 Lakh under Express Loan Product provided by SIDBI.
Question:
Q.1 FIT Ranking is done for which Sector?a. Micro Small and Medium Enterprises
b. Nutrition Value
c. Cleanliness
d. Minority groups
