Bank of Baroda's Digital Push with bob Digi Udyam for MSEs
Bank of Baroda launched bob Digi Udyam, a digital lending platform for Micro and Small Enterprises, offering collateral-free loans from Rs 10 lakh to Rs 50 lakh. The initiative is aligned with the Union Budget 2024–25 and aims to enhance credit accessibility by leveraging the digital footprints of MSEs.
- Country:
- India
State-owned Bank of Baroda (BoB) has unveiled a new digital lending platform named bob Digi Udyam, aimed at Micro and Small Enterprises (MSEs). This innovative platform provides collateral-free working capital loans ranging from Rs 10 lakh to Rs 50 lakh, enabling quick and efficient access to necessary funds.
This initiative aligns with the Union Budget 2024–25 directive for public sector banks to develop MSME credit assessment capabilities in-house. By using the digital footprint of MSEs, the platform promises faster credit assessments and diminished reliance on external evaluations, enhancing credit accessibility for small businesses.
The bank states that bob Digi Udyam is open to both its existing and new customers, marking a significant milestone in supporting small enterprises and boosting their financial growth.
(With inputs from agencies.)
Google News