Budget: DigiLocker for MSMEs to digitize and ease business credit – Crypto News – Crypto News
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Union Finance Minister Nirmala Sitharaman with Ministers of State, ahead of the presentation of the Union Budget 2023-24. (PTI) Union Finance Minister Nirmala Sitharaman with Ministers of State, ahead of the presentation of the Union Budget 2023-24. (PTI)

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Budget: DigiLocker for MSMEs to digitize and ease business credit – Crypto News

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The government will set up a DigiLocker to enable the storage of documents digitally, and ease the process of digital application of credit for micro, small and medium enterprises (MSMEs), union finance minister Nirmala Sitharaman said while presenting the Union Budget for 2023-24 in Parliament on Wednesday.

Sitharaman also proposed an infusion of 9,000 crore towards the government’s credit guarantee scheme for MSMEs, which will come into effect from April 1.

The move comes as part of the government’s efforts to digitize the application and availability of loans and credit to MSMEs. Alongside the latter, large businesses and charitable trusts will also be able to access the DigiLocker platform, to enable businesses to share documents online. The Centre-issued Permanent Account Numbers (PANs) will be used as a common identifier for all digital systems of specified government agencies, including the new availability of DigiLocker for businesses.

DigiLocker, the government’s official online digital document storage facility, was launched in July 2015 by Prime Minister Narendra Modi. As of now, the platform has largely been available for individuals only. Under the new initiative, digitized documents will be made available to businesses as well — as part of a planned overhaul and digitization of all financial operations in the country.

The revamps include delegating regulatory powers to the International Financial Services Centers Authority (IFSCA), to make it a single-window approval system for the Reserve Bank, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Special Economic Zones, and Goods and Service Taxes (GST), Sitharaman said.

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