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FIT Ranking for MSME’s under SIDBI Mentorship

Published on December 22, 2022
Current Context: FIT ranking has been done for Micro Small and Medium Enterprises by TransUnion CIBIL and Online PSB Loans Limited.
FIT Ranking for MSME’s under SIDBI Mentorship
  • 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
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