- Small Industries Development Bank of India (SIDBI) has revamped its Udyami Mitra with enhanced features.
- The portal was launched to improve accessibility of credit for the MSMEs.
- It helps MSMEs for submission of loan applications which can be picked up by multiple lenders.
- It aims at bringing in transparency in processing of loans by the banks.
- Now non-banking finance companies and small finance banks are being on-boarded on the platform for enhancing flow of credit to MSMEs.
- Under the new capitalisation plan banks will have to compete for loans through the revamped udyamimitra portal.
Key Features
I. The Portal, as a virtual market place endeavors to provide ‘End to End’ solutions not only for credit delivery but also for the host of Credit-plus services by way of hand holding support, application tracking, multiple interface with stakeholders (i.e. banks, service providers, applicants). The important features include
II. Matchmaking platform- It provides a unique match making platform to MSME loan seekers, lenders as also handholding agencies. The portal has designed capability to accept varied MSME loan applications. Presently loans upto 1 crore can be accessed. The portal aims to be a crucial interface layer to create a support system involving varied stakeholder
III. Inclusive Access to all – It provides access to both financial ( 1.25 lakh bank branches) and non financial services (17000+ handholding agencies) with three distinct features viz. (i) Seek Handholding support; (ii) select and apply for loans to preferred banks; (iii) enable faster loan processing.
Source:Udyami Mitra Site