CURRENT AFFAIRS

Detailed explanation-1: -Small Industries Development Bank of India (SIDBI) has launched the Digital Prayaas SIDBI program, an app-based digital initiative to reach out to micro, small and medium enterprises (MSMEs) and offer them loans within the same working day.

Detailed explanation-2: -Digital Prayas is an app launched by SIDBI, also known as the Small Industries Development Bank of India.

Detailed explanation-3: -Small Industries Development Bank of India (SIDBI), engaged in promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) has unveiled ‘Digital Prayaas’ an app-based digital-lending platform to facilitate loans to entrepreneurs from low-income groups.

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.

Detailed explanation-5: -Bank of Baroda launches Digital Lending Platform aimed at Paperless Process for Retail Customers.