SIDBI to launch Udyam Assist Platform to formalise Informal Micro Enterprises

New Delhi, Jan 4 (KNN) To enhance the formalisation of MSME sector, Small Industries Development Bank of India (SIDBI) will soon launch the Udyam Assist Platform (UAP) to bring the Informal Micro Enterprises (IMEs) into the formal ambit.

UAP would be treated at par with Udyam Registration Certificate for IMEs for availing of the benefits of Priority Sector Lending (PSL), said the MSME Ministry in a letter.

This is in reference to the launch and implementation of Formalization Project of the Ministry of MSME and SIDBI.

Last year in April, A report by the standing committee on finance led by Jayant Sinha, Member of Parliament and former Minister of State for Finance said that SIDBI had proposed to develop the UAP to help accelerate by widespread registration of MSMEs (including informal enterprises which constitute more than 95 per cent of the MSMEs in the country) on the Udyam portal.”

To create UAP, the primary MSME financial institute had also sought support from the MSME Ministry to authorise it to act as the ministry’s “Authorised Agency” for UAP registrations and for appointing Designated Agencies (DAs) on UAP.

For easy data transfer of enterprises between two platforms, it had also requested the ministry for integration of UAP with the Udyam registration and Rs 50 crore support for implementing the project.  (KNN Bureau)