The upgraded portal will put in place a digital financial market place for micro, small and medium enterprises (MSMEs) to leverage the presence of new-age NBFCs, fintechs along with conventional banking channels for easy access to financial products, SIDBI said in a statement.
The upgraded version of Udyamimitra, which will be ready by April next year, is aimed at promoting transparency, deepen outreach and reduce cost of credit for micro and small enterprises at the bottom of the pyramid.
It will focus on delivering value through risk assessment using data and analytics by leveraging external sources of data such as payments, GST, utilities. Towards this end, SIDBI has invited bids on September 30 to implement the enhancement project on a build operate and transfer basis.
Udyamimitra 2.0 shall enable access to contactless loans, convergence with different agencies, including state/ central subsidy agencies, co-lending, wholesale capital access to lenders from SIDBI as well as MUDRA, the statement said. The digital marketplace is now being opened to NBFCs and fintechs lenders as well as value-added services providers to improve the credit delivery services.
NABARD buys additional 7% stake in SIDBI:
The National Bank for Agriculture and Rural Development (NABARD) has bought an additional 7 percent stake in Small Industries Development Bank of India (SIDBI) for Rs 900 crore from public sector lender IDBI Bank, two people in the know told Mint.
With this, NABARD now owns 10 percent of SIDBI. This is the largest ever investment made by the country’s foremost rural financial institution so far.Worsening asset quality has marred IDBI Bank’s near-term prospects and the bank is now looking to sell its non-core assets. In August, the lender put its entire 16.25 percent stake in SIDBI on the block and has been trying to find buyers for it ever since.