In a significant move towards improving credit accessibility for Micro, Small, and Medium Enterprises (MSMEs), the Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman, along with Minister of State for Finance, Shri Pankaj Chaudhary, launched a New Credit Assessment Model based on the scoring of digital footprints of MSMEs. This initiative was unveiled during the Post Budget interaction in Visakhapatnam today. The model aligns with the Union Budget 2024-25 announcement, which emphasized the need for Public Sector Banks (PSBs) to develop in-house capabilities for assessing MSME creditworthiness instead of depending on external assessments.
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