Source: BL
Context:
Bank of Baroda (BoB) has launched bob Digi Udyam, a fully digital collateral-free lending platform designed exclusively for Micro and Small Enterprises (MSEs). The platform aims to provide faster, seamless, and paperless loans to support MSME growth.
Key Highlights:
- Loan Range: Working capital loans from ₹10 lakh to ₹50 lakh.
- Facilities Offered: Cash Credit and Overdraft (OD) with a 12-month tenure.
- Collateral-Free: Loans are covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
- Technology Backbone: Uses digital footprints of MSEs for faster credit assessment.
- Alignment with Policy: Initiative is aligned with the Union Budget 2024–25 announcement for in-house MSME credit assessment by public sector banks.
About Bank of Baroda (BoB)
- Founded: 1908
- Headquarters: Vadodara, Gujarat
- MD & CEO: Debadatta Chand
- Tagline: India’s International Bank
