Create a digital platform similar to UPI for MSME credit: Ashwini Vaishnaw

Ashwini Vaishnaw, IT Minister, urged the banking industry to create an innovative digital platform as powerful, seamless and robust as UPI (Unified Payments Interface) to provide quick and easy credit to MSME and small business people.

"Can we create a platform as powerful, as good, as seamless and as digital as the UPI platform for providing very quick and easy credit to MSMEs and people who are at the bottom of the pyramid," the minister said.

Vaishnaw spoke at the 'Digital Payment Utsav', part of a weeklong event of India's achievements in digital space titled 'Azadi ka Digital Mahotsav' in the capital.

Vaishnaw asked bankers to come up with promising concepts to create such a platform over the next three months. 

"You have, today, a very good ecosystem of Aadhar, Digilocker and UPI to take up the challenge. Work on the challenge for the next three months, come back, and I will work the whole day with you to look at the concepts you have brought," he said.

Addressing the event, Minister of State for Electronics and IT, Rajeev Chandrasekhar noted that technology will play a big, defining role in shaping the future of the country.

The event also saw the launch of innovative solutions including payments-on-the-go. Nearly 40 stalls were set up by various fintechs, banks and other ecosystem partners, who contribute to the digital payments in the country.

The event was marked by various cultural activities, an awards ceremony for banks and fintech, the launch of the 'Chutki Baja Ke' digital payments anthem, and the flag-off of 'Digital Payments Sandesh Yatra