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The State Bank of India has announced the launch of SBI e-Smart SME to offer easy working capital to online e-commerce players.
Arundharti Bhattacharya, SBI Chairman said that “The e-commerce growth has created a new ecosystem enabling more than 5 lakh sellers to sell product on digital platform. It has also opened up opportunities for the banking industry.”
Instead of traditional lending based on financial statements like balance sheet and income tax returns, the SBI E-Smart SME will be using data analytics gathered by Snapdeal for assessing the sellers credit worthiness.
She also said that the bank is too planning a similar tie-up with Flipkart, Paytm and Amazon going forward.
