CURRENT AFFAIRS

Detailed explanation-1: -IDBI Bank launches digital loan processing system for MSME, agri borrowers. Suresh Khatanhar, Deputy Managing Director, IDBI Bank said the LPS integrates with the existing core database, human resource management system, and various other applications of the bank.

Detailed explanation-2: -IDBI Bank launches digital loan processing system.

Detailed explanation-3: -MSME loans are unsecured loans offered by several financial institutions to help entrepreneurs meet various business-related expenses. As per the Indian government and RBI, these loans are for certain business enterprises that fall under these categories: Company (Manufacturing or service provider) MICRO. SMALL.

Detailed explanation-4: -Digital lending involves giving and recovering loans through web platforms or mobile apps. It facilitates speedy disbursal and helps lower costs. Lending Service Providers (LSPs) operate in collaboration with Non-Banking Financial Companies (NBFCs) who disburse credit to customers using the former’s platform.