Provide quick and easy credit to MSMEs: Vaishnaw to bankers

 

 

 

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.” “You have today a good ecosystem of Aadhaar, UPI platform, practically everything you need is today available. Take this challenge, come back and I will be very happy to spend one full day with you to look at concepts you bring,” Vaishnaw said.