Government Launches Data Bank Portal of MSMEs [ Current Affairs - Policies & Governance ]


Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley launched two important initiatives of the Union Ministry of MSME such as: MSME Databank Portal and Online Finance Facilitation Web Portal.

Arun Jaitley launched a web portal for MSMEs

Arun Jaitley launched a web portal for MSMEs

Showing image of Arun Jaitley launched a web portal for MSMEs.

MSME Databank Portal:

  • MSMEs: Micro, Small and Medium Enterprises
  • The aim of MSMEs is to collect information about micro, small and medium enterprise including their requirement in terms of raw material and marketing, credit and technology, etc.
  • Databank have one-stop source of information of MSMEs of India.
  • This portal will not only save the efforts and money required for physical Census.
  • It will also permit the MSME units and the various associations to provide data and sitting in their units.
  • It will provide real time information on various types of the MSMEs registered on the portal.
  • Government will carry out a census of MSMEs online for the first time, through the databank.

Online Finance Facilitation Web Portal:

  • This portal will permit MSMEs to apply for loans from the various banks on the NSIC (National Small Industries Corporation) portal itself.
  • It will provide collective funding options for MSMEs.
  • NSIC provides appropriate credit support to the various MSME units for purchase of raw material and started an online Finance Facilitation Centre.
  • NSIC has also signed MoUs with 33 banks and 14 have agreed to associate with online Finance Facilitation Web Portal.

- Published on: August 15, 2016