by The Indian Institute of Management Ahmedabad’s (IIMA) Centre for Innovation, Incubation and Entrepreneurship (CIIE.CO) has collaborated with the Reserve Bank of India’s (RBI) Innovation Hub to enable credit access for women micro, small and medium enterprises (MSMEs).
The collaboration will see CIIE.CO and RBI’s Innovation Hub work together to develop a credit scoring model for women MSMEs. The model will be based on data collected from women MSMEs and will be used to assess their creditworthiness.
The aim of the collaboration is to make it easier for women MSMEs to access credit. Women MSMEs face a number of challenges in accessing credit, including lack of collateral, limited financial literacy, and gender bias. The credit scoring model developed by CIIE.CO and RBI’s Innovation Hub will help to address these challenges and make it easier for women MSMEs to get the financing they need to grow their businesses.
The collaboration is part of RBI’s efforts to promote financial inclusion and support the growth of MSMEs. The RBI’s Innovation Hub is a platform that promotes innovation in the financial sector. It works with startups, financial institutions, and other stakeholders to develop new products and services that can improve financial inclusion.
The collaboration between CIIE.CO and RBI’s Innovation Hub is a significant step forward in the effort to enable credit access for women MSMEs. The credit scoring model developed by the two organizations will help to address the challenges that women MSMEs face in accessing credit and will make it easier for them to get the financing they need to grow their businesses.
Here are some of the benefits of the collaboration:
- Improved access to credit: The credit scoring model will help women MSMEs to access credit more easily.
- Reduced gender bias: The model will be gender-neutral, which will help to reduce gender bias in lending decisions.
- Increased financial inclusion: The collaboration will help to increase financial inclusion by making it easier for women MSMEs to access credit.
- Promoted innovation: The collaboration will promote innovation in the financial sector by developing new products and services that can improve financial inclusion.
The collaboration between CIIE.CO and RBI’s Innovation Hub is a positive development for the Indian economy. It will help to promote financial inclusion and support the growth of women MSMEs.
