Industrial policy may leverage blockchain tech to digitise land records for easy loans to MSMEs

The proposed industrial policy may suggest leveraging of blockchain technology to digitise land records to enable MSMEs to access easy loans against assets or properties, an official said. Use of blockchain technology to digitise land records would enhance ease of asset-based lending to micro, small and medium enterprises (MSMEs), the official said. Property records are generally used as collateral for loans by MSME units and it requires lot of efforts to scrutinise those records. The official said that several states and municipalities are digitising land records but there is no common format or security standards. Blockchain technology can be used to digitise land records across the country as it would simplify the process of proving loans against property for MSMEs, they added. The policy may also suggest other ways to ease the process of lending to these units. Commerce and Industry Minister Suresh Prabhu earlier this month had stated that the policy was ready and would soon be ...

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