Mumbai, June 16 (KNN) The Reserve Bank of India (RBI) has selected total eight entities for the ‘Test Phase’ for MSME lending under its Regulatory Sandbox as part of the third cohort.

A cohort for SME lending will be expected to fill the lending gap for small and medium entrepreneurs through the innovative use of technology and data analytics.

The entities that have been selected are ZikZuk Technologies, FinAGG Technologies, Moshpit Technologies, Mynd Solutions, New Street Technologies, Rupifi Technology Solutions, Small Industries Development Bank of India (SIDBI), and SysArc Infomatix.

The central bank has shortlisted these eight applicants fr0m a bunch of 22 applications.

Testing of products by all these entities are supposed to start this month itself.

Expressing his thoughts on the selection, Tarun Bansal, Co-Founder, ZikZuk said, "We are honoured that the RBI has selected ZikZuk Technologies for the test phase under Regulatory Sandbox – Third Cohort on MSME lending. We have constantly believed in evolving our products with innovation backed by technology.”

It gives us great pride that the RBI has found merit in the same. With this feat, we plan to explore more opportunities that will enable us in creating feasible and sustainable solutions for accelerating MSME lending across the country, he said.  (KNN Bureau)