Rubique, the one-stop online marketplace providing technology enabled end-to-end solution to financing needs of MSMEs, has signed an agreement with National Small Industries Corporation Limited (NSIC) in which both will create an interface which will ease credit facilitation for MSMEs by allowing quicker decision making and evaluation.
The MoU between Rubique & NSIC was signed during the inauguration ceremony of NSIC’s Finance Facilitation Center at Bangalore held at Peenya Industrial Association Centre.
NSIC synergizes with various players in the MSME sector and for facilitating credit it has tie-up arrangements with 33 public and private sector banks and FIs. The corporation is relentlessly working towards facilitating MSME segment meet their credit requirements and now this tie-up between NSIC – Rubique will bring in the technology interface by way of the online platform, to strengthen NSIC’s endeavor.
Rubique’s matchmaking algorithm would bring more certainty in the process by doing first level qualification check of the application by matching borrower’s eligibility with financial institutions’ lending criteria on the website itself. The details entered on the website will be transmitted to NSIC to enable real-time tracking of the cases across all their branches pan India and allow faster decision making at financiers’ end. Thus making the entire process faster & smooth for all stakeholders involved. The website will be launched soon.
Commenting on this partnership, Manavjeet Singh, Founder and CEO of Rubique said, “Small firms in the country have always had a tough time in raising finance for their business activities. They run from pillar to post to get their working capital or any urgent funding requirements fulfilled. A majority of times they are either clueless of which bank to approach or are simply denied finance as they fail to meet the criteria of the financial institutions. The rejection rates are quite high in this space. With the association with NSIC, we will be able to reach out to larger base of MSMEs & provide them the technology solution to find a right deal for their financing requirement. This would be a moment where startup India would help flourish skill in India with help of Digital India initiative.”
Nilesh Mitash, Principal Secretary to Government of Karnataka (MSMEs & Mines), who was present during inauguration ceremony, stated that NSIC’s initiative of online Finance Facilitation Centre is another thoughtful innovative service which will enhance the competence of MSMEs.
Ravindra Nath, CMD, NSIC said, “Finance has always been a major issue for the MSMEs, thus making finance facilitation a crucial subject of intervention for NSIC. This tie-up with Rubique will be another of an on-line initiative of NSIC and would facilitate MSMEs with easy access to finance while saving ample amount of time and without any additional cost. It would help us improve their competitiveness of MSMEs in the country.”
Building synergies with Rubique and offering its technology platform to MSMEs will also help NSIC align its efforts to promote Digital India initiative. After Bangalore Online Finance Facilitation Centre, NSIC soon will be opening similar centers at Ludhiana, Guwahati, Lucknow, Ahmedabad, Mumbai and Delhi.
