New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    Question

    What is the purpose of the Memorandum of Association

    between Udyam and Credit Guarantee Fund Trust for Micro and Small Enterprises?
    A To provide collateral-free loans to registered MSEs Correct Answer Incorrect Answer
    B To share data of MSEs with the government's loan scheme Correct Answer Incorrect Answer
    C To enable more MSMEs to avail benefits under the CGTMSE Correct Answer Incorrect Answer
    D To integrate Udyam and Credit Guarantee Fund Trust platforms Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    The Ministry of MSME announced the signing of a Memorandum of Association between Udyam and Credit Guarantee Fund Trust for Micro and Small Enterprises to share data of the registered enterprises on Udyam with the government’s collateral-free loan scheme for micro and small enterprises (MSEs).This collaboration is sought to enable more MSMEs to avail the benefits under the Credit Guarantee Scheme for Micro and Small Enterprises (CGTMSE). Both platforms will share the data with each other using API (Application Programming Interface) integration, which is a connection between two or more applications that allow systems to exchange data sources. This will allow the CGT Fund access to the data of MSEs availing the CGT scheme facility across the enterprise and social categories.

    Practice Next