IT Minister encourages banks to create digital platform for credit availability

IT Minister Ashwini Vaishnaw encouraged the banking industry to create an innovative digital platform like UPI for providing quick and easy credit.

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IT Minister Ashwini Vaishnaw encouraged the banking industry to create an innovative digital platform like UPI for providing quick and easy credit to MSMEs, small businessmen, and others at the bottom of the aggregate in the coming three months.

He emphasized that the basic features required to create such a platform as the ecosystem of Aadhaar, mobile phones, UPI platform, and Digi locker are already available.

Vaishnaw spoke at the ‘Digital payment Utsav’ which was part of a week-long showcase of India’s achievements in digital space titled ‘Azadi ka Digital Mahotsav’ held in Delhi.

“You have today a good ecosystem of Aadhaar, mobile phones, UPI platform, Digi locker, practically everything you need to create this ecosystem is today available.

He added at the event that the idea is to ensure that easy credit at good terms, through a flawless process can be made available to people at bottom of the pyramid especially for micro and small industries, small businesses, street vendors amongst others.

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