![SBI Launched SME Digital Business Loans for MSME Sector SBI Launched SME Digital Business Loans for MSME Sector](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglYbXamaG0Fy5KJPc3AYA9MtFrNP3VNaITVdCKzIBg-zQuU8Rwa746p2mLh0fTLjfLg8OiO6gLcIJ9c1m_scu2Dy3Yk6cHOauhamPVdWE8MRPa1n2WlJLTa9oL90ercETYH_Ks5ftyp4TevVHm3zESJgala4a69PiCuBqJrh2krI7gzGrGqKwuJIrh-AN6/w320-h192-rw/Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Untitled%20(500%20%C3%97%20300%20px)%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(5).png)
- 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