SIDBI announces its plan to introduce the Udyam Assist Platform.

SIDBI – Small Industries Development Bank of India will soon launch the Udyam Assist Platform (UAP) to bring Informal Micro Enterprises (IMEs) into the formal fold to improve MSME sector formalization. In a letter, the MSME Ministry stated that UAP would be treated similarly to Udyam Registration Certificate for IMEs to benefit from Priority Sector Lending (PSL).
Last April 2022, the standing finance committee led by Jayant Sinha, Member of Parliament and former Minister of State for Finance, stated that SIDBI proposed to develop the UAP to help accelerate the widespread registration of MSMEs. This includes informal enterprises that account for more than 95% of MSMEs in the country on the Udyam portal.
To establish the UAP, the primary MSME financial institute requested permission from the MSME Ministry to serve as an authorised agency for UAP registrations, and to appoint Designated Agencies (DAs) on the UAP. It also requested that the ministry integrate UAP with Udyam registration and provide Rs 50 crore in project funding to facilitate data transfer between the two platforms.

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