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SBI Launched SME Digital Business Loans for MSME Sector

Published on June 13, 2024
Current Context: The ‘SME Digital Business Loans’ initiative launched by the State Bank of India (SBI). The initiative was launched on June 11, 2024.
SBI Launched SME Digital Business Loans for MSME Sector
  • Target Sector: The program is specifically designed for the Micro, Small, and Medium Enterprises (MSME) sector.
  • Loan Sanction Time: The bank aims to sanction loans within 45 minutes.
  • Data-Driven Credit Assessment: The credit assessment for these loans will be data-driven, leveraging authentic data sources including Income Tax Returns (ITR), Goods and Services Tax (GST) returns, and bank statements.
  • Automated Decision Making: The bank has developed a data-driven credit assessment engine capable of providing sanction decisions within a remarkable 10 seconds after submitting the required details, without any human intervention.
  • Focus on MSME Advances: This initiative is part of SBI’s focus on MSME advances, which have been identified as the focal point for the bank’s growth and profitability over the next five years.
  • Impact: This initiative is expected to revolutionize access to credit for MSMEs across the country. It’s a significant step towards enhancing the ease of doing business for the MSME sector.

Question:

1 When was the ‘SME Digital Business Loans’ initiative launched by the State Bank of India (SBI)?

  • A) June 11, 2023
  • B) June 11, 2024
  • C) July 11, 2024
  • D) May 11, 2024
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