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How expansion of DigiLocker will boost the credit availability to MSMEs

Nirmala Sitharaman, the Union Finance Minister, broadened the range of Digilocker services during her budget statement today.

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How expansion of DigiLocker will boost the credit availability to MSMEs

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  1. How expansion of DigiLocker will boost the credit availability to MSMEs?

  2. Nirmala Sitharaman, the Union Finance Minister, broadened the range of Digilocker services during her budget statement today. According to FM, regulators and regulated firms would be formed utilising the DigiLocker service and Aadhaar as the underlying identity for reconciliation and updating of the identity and address of individuals kept by various government institutions.

  3. FM said “A one stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity."

  4. She further added that “Fintech services in India have been facilitated by our digital public infrastructure including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI. To enable more Fintech innovative services, the scope of documents available in DigiLocker for individuals will be expanded."

  5. “An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities," said Nirmala Sitharaman today during Budget announcement.

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