SBI Launched SME Digital Business Loans for MSME Sector

Current Context: The ‘SME Digital Business Loans’ initiative launched by the State Bank of India (SBI). The initiative was launched on June 11, 2024.

• 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

Answer: B) The ‘SME Digital Business Loans’ initiative launched by the State Bank of India (SBI). The initiative was launched on June 11, 2024.