Union Government launches data bank portal of MSMEs

The Union Government has launched two important initiatives of the Union Ministry of MSME, viz. MSME Databank Portal and Online Finance Facilitation Web Portal. They were launched by Union Minister of Finance & Corporate Affairs Arun Jaitley on the sidelines of 14th Meeting of the National Board of MSME in New Delhi. Key Facts MSME Databank Portal: It aims to gather information about micro, small and

medium enterprise (MSMEs). Its Objective is to have one-stop source of information of MSMEs of India, including their credit and technology, requirement in terms of raw material and marketing, etc. It will enable the MSME units and the various Associations to furnish data online. It will save the efforts and money required for physical Census. Databank’s MIS dashboard will provide real time information on various types of the MSMEs registered on the portal. The databank will be used for public procurement purposes and the PSUs will make use of the data for procuring from MSMEs. Online Finance Facilitation Web Portal: It will provide collective funding options for MSMEs. The portal will allow the MSMEs to apply for loans from the various banks on the NSIC (National Small Industries Corporation) portal itself.