Sidbi, CSC partner to offer MSMEs better credit access

The Small Industries Development Bank of India (SIDBI) today said signed a memorandum of understanding with CSC e-governance Services (CSCeGS) to take Udyami Mitra portal to the unserved and the underserved MSMEs. is a portal to improve accessibility of credit for the MSMEs. It allows entrepreneurs to apply for a loan without physically visiting bank branches.

CSCeGS is a special purpose vehicle (SPV) set up by ministry of electronics and IT ( MeitY) which acts as connect point for various digitally aligned services to villages in the country.

CSCs (Common Service Centres), one of the crucial enablers of the Digital India programme, are the access points for delivery of various e-governance and business services to citizens in rural and remote areas of the country.

The MoU is aimed to facilitate financial support to the upcoming CSCs through bank financing.

"MoU is being entered to give programmatic approach to tap young talent from small towns and rural areas to set up MSMEs and emerge as employment giver as against being employment seeker," Sidbi's chairman and managing director, Mohammad Mustafa, said in a release.

Eligible CSCs shall become customer service points (CSPs) to deliver hand-holding services to budding entrepreneurs.

The MoU was signed by and Sidbi deputy managing director (DMD) Manoj Mittal and CSCeGS CEO Dinesh Tyagi.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel