ITI Alumni Council invites digital and neo-banks to create new standards for MSME lending

ITI Alumni Council invites digital and neo-banks to create new standards for MSME lending

New Delhi, May 19 (KNN) The Indian Institutes of Technology (IIT) Alumni Council invited fintech and banking startups to participate in building a robust banking platform for micro, small and medium enterprises (MSMEs).

Under the regulations of the Reserve Bank of India (RBI), the platform will pilot new paradigms in MSME financing.

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Partial funding and support will come from the MegaFund consortium.

Speaking on the initiative, Ravi Sharma, Chair and Chief Volunteer of the ITI Council of Alumni said, “Digital and Neo banks have disrupted conventional banking. The old paradigms of a physical bank branch and hundred-page loan agreements will soon cease to be relevant. »

Highlighting the difficulties of the MSME sector in financing, Sharma said that we are working on creating a favorable ecosystem and a next-generation banking platform initiative to solve the challenges faced by MSMEs.

Startups incorporated and registered with Startup India, having raised at least Rs 1 crore from shareholders (which should include at least one IIT alumnus or an alumni-run entity) and having provisional or audited accounts for the 2021-22 fiscal year are eligible to participate.

Applications meeting these five eligibility requirements can be sent to [email protected] (KNN Office)

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