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SIDBI & Onionlife Partners to Provide Micro-Loans to Gig Workers

Published on April 09, 2024
Current Context: The Small Industries Development Bank of India (SIDBI) has partnered with OnionLife Private Ltd to use its technology platform KarmaLife for a pilot project to provide small enterprise loans to gig workers.
SIDBI & Onionlife Partners to Provide Micro-Loans to Gig Workers
  • This initiative is aimed at increasing their access to formal institutional finance.
  • KarmaLife will enable gig workers to access micro loans through a mobile app, eliminating the need for extensive paperwork or physical documentation.
  • This streamlined process is expected to make it easier for gig workers to manage the liquidity needs of their enterprise activities.
  • SIDBI’s Chairman and Managing Director, S Ramann, stated that this partnership with Onion Life will help them understand and assist the new and emerging enterprise class of gig workers.
  • The pilot will also aid in developing an institutional mechanism for assessing the credit risk of this segment.
  • With the gig economy rapidly growing in India, there is a pressing need to provide affordable and accessible financial support to non-salaried gig workers who provide their services through gig platform aggregators for livelihood.

Question:

Q.1 Who has SIDBI partnered with for a pilot project to provide small enterprise loans to gig workers?
a. OnionLife Private Ltd
b. KarmaLife
c. Gig Economy Ltd
d. S Ramann
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