State-owned Bank of Baroda (BoB) on Tuesday announced the launch of bob Digi Udyam – a digital, collateral-free lending platform offering Micro and Small Enterprises (MSEs) quick access to working capital loans above Rs 10 lakh to Rs 50 lakh.
The initiative, aligned with the Union Budget 2024–25 announcement that public sector banks would develop in-house capabilities for MSME credit assessment, leverages the digital footprint of MSEs to enable faster credit assessment and reduce reliance on external assessment, BoB said in a statement.
This marks a major step in strengthening credit accessibility for small businesses, it said, adding that the scheme is open to both existing and new customers of the bank.
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