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Business EconomyPosted at: Oct 26 2017 10:55PM


Over 2,500 loans out of 14,800 online applications received on 'Udyami Mitra' sanctioned for MSMEs

Mumbai, Oct 26 (UNI) The Small Industries Development Bank of India (SIDBI), the principal financial institution for the promotion, financing and development of the Micro, Small and Medium Enterprise (MSME) sector in the country, on Thursday said that they had received 14,800 online applications on its 'Udyami Mitra' portal, out of which over 2,500 loans have been sanctioned online so far by public sector banks, private banks and RRBs, among others.
Around 23,000 hand-holding requests had been successfully handled through the portal, said Mohammad Mustafa, chairman and managing director, SIDBI, while unveiling the new corporate logo of SIDBI during the press meet here.
The revamped version of the portal, which is a transparent and cost-effective medium for MSMEs, is planned to transform the digital landscape for MSME loans, he said.
New age FinTechs, NBFCs and SFBs are being onboarded on the platform for enhancing flow of credit to MSMEs, he informed.
"Udyami Mitra endeavours to enable access to contact less loans, convergence with different agencies (including state/ central subsidy agencies), co-lending, wholesale capital access to lenders from SIDBI as well as MUDRA," Mr Mustafa added.
Udyami Mitra portal, designed and managed by SIDBI, has over 1.25 lakh bank branches connected and any MSMEs anywhere can apply digitally for MUDRA as well as other MSME loans up to Rs 2 crore.
The portal not only brings transparency and competition among lenders but also removes the need to approach several banks individually.
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Tags: #Over 2#500 loans out of 14#800 online applications received on 'Udyami Mitra' sanctioned for MSMEs
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