back Back

SIDBI & IPPB team to fuel development of informal micro enterprises

By Gloria Mathias

October 26, 2023

  • Credit guarantees
  • Dak Sevaks
  • digital platforms
Share

Small Industries Development Bank of India, India Post Payments Bank, Micro Finance, SMEs, MSMEs, Lending Solutions, India Fintech, Fintech NewsIndia Post Payments Bank (IPPB) and the Small Industries Development Bank of India (SIDBI) have entered into a strategic partnership to promote formal financial services and support services to MSMEs and enterprises in rural and remote areas of India.

The partnership aims to leverage IPPB’s rural reach and deep connection with village-level communities and SIDBI’s lending and credit risk assessment models to reach informal and micro enterprises in rural and remote areas, as may be permitted under the extant regulations.

IPPB shall also support SIDBI’s customers in digitising the payment mechanisms through its merchant onboarding system and collection solutions like UPI, QR-based solutions, etc.

The two institutions will also undertake joint programmes to upgrade the skills of Dak Sevaks in supporting credit and other services to microenterprises. They will jointly work together to identify other areas of mutual interest and undertake various activities to support MSMEs and the MSME ecosystems across the country, with a special focus on informal micro-enterprises.

Speaking on the occasion, Secretary DFS emphasised the potential that the proposed partnership between SIDBI and IPPB holds for furthering financial inclusion in the country, especially by targeting informal and micro enterprises in rural and remote areas.

Sivasubramanian Ramann, said, “We look forward to a fruitful and meaningful partnership with IPPB, which can make a positive impact on millions of informal rural enterprises in the country by improving their access to financial services and financial literacy.”

Shri J. Venkatramu, MD & CEO, IPPB, shared, “The institutional desire to strengthen financial inclusion initiatives and looked forward to the partnership with the principal financial institution for MSMEs in the country.

SIDBI is India’s principal financial institution for the promotion, development, and financing of MSMEs. It plays a critical role in supporting entrepreneurship, economic growth, and financial inclusion across the nation through various programs like credit guarantees, direct credit, venture capital, digital platforms, government program management, etc.

Previous Article

October 26, 2023

Ajman Bank launches retail super app in partnership with Codebase

Read More
Next Article

October 26, 2023

Alba Bank partners with ClearBank to manage payments for SMEs

Read More









IBSi Daily News Analysis

AI, scams, Deepfakes

November 29, 2023

Credit guarantees

APAC Deepfake incidents surge as global fraud landscape evolves

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FinTech MyTU achieves Principal Membership status with Visa

Read More

Today

Neobank startup iPeakoin raised nearly $10m Series A from Zhenfund

Read More

Today

Webexpenses and Wise Platform partner on multi-currency expense solution

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023