Kolkata, Feb 19: TransUnion CIBIL has partnered with the Federation of Indian Chambers of Commerce & Industry (FICCI) to launch a unique nationwide MSME consumer education program.
The program objective is to empower MSMEs with knowledge on how to build a good credit history and CIBIL Rank to avail easier and faster access to finance, a media statement said on Saturday.
This program will kick off with MSME clusters in Maharashtra, Assam and Tripura and aims to reach thousands of MSMEs across key MSME clusters in India. Jyoti Vij, Deputy Secretary General, FICCI, said, “Lack of financial awareness is often cited as one of the key roadblocks for MSME development, which is a high priority segment for India’s economic growth.
FICCI is delighted to partner with TransUnion CIBIL, India’s pioneer credit information company and a systemically important entity in our country’s financial infrastructure, on this very crucial program for MSME development. By driving credit awareness amongst MSMEs, we aim to contribute to the government’s endeavors on the resurgence of the MSME sector.”
Chief Operating Officer of TransUnion CIBIL, Harshala Chandorkar, said, “The MSME sector forms the backbone of India’s economy and can act as a catalyst for growth. Insights show that only about one-third of MSMEs in India are served through the formal credit ecosystem, indicating significant opportunities for increasing credit penetration in this key sector.
CIBIL Rank and commercial credit information have played a pivotal role in helping credit institutions formulate risk policies, digitize CIBIL Rank based lending and drive faster, easier and more judicious disbursement of loans to MSMEs. With the launch of this program, we aim to drive even greater awareness amongst MSMEs and empower them to build their CIBIL Rank for accessing faster and affordable financial opportunities.”
“With several banks and credit institutions offering better rates of interest for MSMEs with a good CIBIL Rank, it becomes even more vital for MSMEs to understand the composition of CIBIL Rank and its salient features.
We believe that this partnership program with FICCI will go a long way in strengthening India’s MSME sector towards its contribution in achieving our economy’s 5 trillion growth objective,” concluded Harshala.
