You are here: Home » Finance » News » Others
Business Standard

IT min asks bankers to create robust platform for easy credit availability

IT Minister Ashwini Vaishnaw exhorted the banking industry to create an innovative digital platform for providing quick and easy credit to MSMEs, small businessmen, and those at the bottom of pyramid.

Topics
IT ministry | Credit

Press Trust of India  |  New Delhi 

LIVE: Cabinet approved 9 structural reforms for telcos, says Vaishnaw

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 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 to the MSME, small industries, small businessmen...people really at bottom of pyramid."

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 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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content 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

First Published: Sun, December 05 2021. 16:40 IST
RECOMMENDED FOR YOU
.