Budget 2018: Government backs FinTech startups to bridge credit gap for MSMEs

Budget 2018: Government backs FinTech startups to bridge credit gap for MSMEs

Acknowledging the huge credit deficit of about USD 2 trillion for micro, small, and medium enterprises (MSMEs), Finance minister Arun Jaitley emphasised the importance of fintech startups for easier access to working capital requirements. The minister in his Budget 2018 address said that the government will set up a group under Finance Ministry “to help devise institutional development measures” to help FinTech companies grow in India. Alok Mittal, CEO of Indifi and President of Digital Lenders Association of India said the association welcomes recognition of online lending as a key driver to MSME credit, and the group will collectively […]

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