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Mumbai: TransUnion Cibil on Friday said it has partnered the Federation of Indian Chambers of Commerce and Industry (Ficci) to launch a MSME consumer education program that will help small businesses gain awareness on credit management, Cibil Rank and commercial credit information.
The program objective is to empower MSMEs with knowledge on how to build a good credit history and Cibil Rank to avail easier and faster access to finance, it said, adding that the program will kick off with MSME clusters in Maharashtra, Assam and Tripura and aims to reach thousands of MSMEs across key clusters in India.
Harshala Chandorkar, chief operating officer of TransUnion Cibil said that the MSME sector forms the backbone of India’s economy and can act as a catalyst for growth.
“Insights show that only about one-third of MSMEs in India are served through the formal credit ecosystem, indicating significant opportunities for increasing credit penetration in this key sector. With the launch of this program, we aim to drive even greater awareness amongst MSMEs and empower them to build their Cibil Rank for accessing faster and affordable financial opportunities," said Chandorkar.
Jyoti Vij, deputy secretary general, Ficci, said, “Lack of financial awareness is often cited as one of the key roadblocks for MSME development, which is a high priority segment for India’s economic growth. Ficci is delighted to partner with TransUnion Cibil, India’s pioneer credit information company and a systemically important entity in our country’s financial infrastructure, on this very crucial program for MSME development.”
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