Moneycontrol PRO
UPCOMING EVENT:Moneycontrol Pro & Espresso presents Nifty Banker 2.0 - India's First Retail Index Traders Online Conference. 12 Webinars at Early bird offer of just Rs.50/- per webinar exclusive for Moneycontrol Pro subscribers. Register now!
you are here: HomeNewsIndia

IT minister asks bankers to create robust, digital platform for easy credit availability to small businesses

The building blocks required to create such a platform are already available, given the strong ecosystem of Aadhaar, mobile phones, UPI platform and digilocker, he said asking the banking industry to come up with innovative idea and solutions in three months.

December 05, 2021 / 04:38 PM IST
Representative image

Representative image

IT Minister Ashwini Vaishnaw on Sunday exhorted the banking industry to create an innovative digital platform — as powerful, seamless and robust as UPI — for providing quick and easy credit to MSMEs, small businessmen, and those at the bottom of pyramid. The building blocks required to create such a platform are already available, given the strong ecosystem of Aadhaar, mobile phones, UPI platform and digilocker, he said asking the banking industry to come up with innovative idea and solutions in three months.

Vaishnaw was speaking at 'Digital payment Utsav' which was part of a week-long showcase of India's achievements in digital space titled 'Azadi ka Digital Mahotsav' in the capital. Throwing a "challenge" at the bankers present in the audience, the minister said: "Can we create a platform as powerful, seamless, good, as digital as UPI platform for providing very quick and easy credit to the MSME, small industries, small businessmen…people really at bottom of pyramid."

ALSO READ: Digital payments script robust growth story in India, cards in race

The minister expressed willingness to look at promising concepts that are brought after three months, in response to the poser by him. "You have today a good ecosystem of Aadhaar, mobile phones, UPI platform, digilocker, practically everything you need to create this ecosystem is today available. Take this challenge…next three months work on it, come back and I will be very happy to spend one full day with you to look at concepts you bring," Vaishnaw said.

Speaking to reporters on the sidelines of the event, the minister further said the idea is to ensure that easy credit at good terms, through a seamless process can be made available to people at bottom of pyramid especially for micro and small industries, small businessesmen, street vendors amongst others.
PTI
first published: Dec 5, 2021 04:38 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark