- Forges Partnership with SIDBI to Empower Micro-Enterprises
- As part of the launch event, Udyam Assist Certificates issued to merchants through this new digital process, marking a milestone in India’s digital financial inclusion landscape
NE BUSINESS BUREAU
AHMEDABAD, SEPT 10
PhonePe, on Wednesday announced the launch of digital-first Udyam generation through the Udyam Assist Platform (UAP), at an event in New Delhi. The launch was graced by Union Minister for Micro, Small and Medium Enterprises Jitan Ram Manjhi, in presence of Y.M. Kumari, Chief General Manager, Small Industries Development Bank of India (SIDBI). This makes PhonePe the first Fintech to offer an end-to-end digital solution directly to its merchants, contrasting with the traditional Udyam certificate issuance used by most other platforms.
Hemant Gala, CEO, PhonePe Lending, added, “PhonePe has always been at the forefront of enabling digital financial inclusion. Today marks a pivotal moment for Digital India and millions of small entrepreneurs across our nation. We are deeply honored to be one of the first institutions to deliver a complete digital-first integration with the Udyam Assist Platform. Our partnership with SIDBI will unlock access to government schemes, credit facilities, and crucial benefits for MSMEs and will help contribute to India’s economic vision. Through PhonePe’s user-friendly and efficient, end-to-end digital solution, we’re not just facilitating registration– we are translating the vision of empowering small and micro businesses into a seamless digital reality.”
Y.M. Kumari, Chief General Manager, Small Industries Development Bank of India (SIDBI) said, “Udyam Assist Platform has emerged as a major driver for the formalization of non-GST registered Informal Micro Enterprises. The platform enabled issue of Udyam Assist Certificates to more than 2.75 crore small businesses, over a period of more than 2 years. Seamless digital integration with the designated agencies marks another important positive step in the formalization journey. This initiative will further accelerate the formalization of informal micro-businesses into the mainstream economy as well as ease out and enhance credit flow to these entities.”
By providing micro merchants with a formal business identity, this initiative allows Informal Micro enterprises (IMEs) to unlock a wide range of benefits: access to government schemes and tax benefits, the ability to open business bank accounts, and access to the digital payments ecosystem and financial services.
As part of the launch event, Udyam Assist Certificates were issued to merchants through this new digital process, marking a milestone in India’s digital financial inclusion landscape. PhonePe also announced the signing of a Memorandum of Understanding (MoU) with SIDBI, facilitating credit access to micro merchants through seamless digital lending solutions integrated with UAP.
The Udyam Assist Platform (UAP), developed and implemented by SIDBI as part of the Ministry of MSME’s Formalization Project, facilitates registration of Informal Micro Enterprises through the Assist process for generation of Udyam Registration Numbers and Udyam Assist Certificates. UAP enables online registration of IMEs with Designated Agencies, representing a stride by the Ministry towards formalizing micro-enterprises nationwide.
