GeM plans instant financing for all sellers: CEO Prashant Kumar Singh

Government e-Marketplace (GeM) Chief Executive Officer Prashant Kumar Singh on Monday said the public procurement platform would revamp its instant-credit disbursal initiative to make it available for all businesses.

Till now, the initiative is limited to sole proprietors.

The GeM SAHAY initiative will enable all sellers to get collateral-free loans at the point of acceptance of an order at competitive interest rates. This will help them with the working capital required to complete the order.

“From lenders’ side, only non-banking financial companies (NBFCs) had come on board. Later, ICICI Bank and Kotak Mahindra Bank came on board.