DBS Bank India partners with Haqdarshak to help MSME sector recover

Date:

Trending

DBS Bank India has joined hands with social enterprise Haqdarshak to enable the recovery of Indian businesses through its newly launched platform, which offers access to MSME-focused government-assisted schemes across the country.

- Advertisement -

Due to the slowdown triggered by the COVID-19 pandemic, business owners needed support to tide through the uncertainty and build resilience. This was particularly true for small and medium scale enterprises, which were the worst affected. Recognizing this, Haqdarshak developed a new platform for MSME-focused government welfare schemes, covering registrations, documentation, and applications for financing. 

In 2018, Haqdarshak received DBS Foundation’s annual Social Enterprise (SE) Grant for their citizen-focused platform. In 2020, just like other businesses, social ventures were struggling to meet their impact and financial goals during the pandemic.

To stand by their supported enterprises in this difficult time, DBS Foundation constituted a Business Transformation and Improvement (BTI) Grant to provide additional funding to the past grant awardees, so that these enterprises could protect jobs, as well as a pivot in search of new income streams.

Haqdarshak received funding under the DBS Foundation BTI Grant, earlier this year, ultimately empowering them to continue serving their beneficiaries and the wider MSME community.

- Advertisement -

Haqdarshak’s first platform was designed to ensure that citizens can access and apply for government and private welfare schemes. With COVID-19 and the introduction of various MSME-focused government relief measures, Haqdarshak identified this as an opportunity to provide application support services to business owners for availing the right schemes. 

DBS Foundation’s BTI grant of INR 2.7 million enabled Haqdarshak to expand into this segment. The new platform provides information around government schemes such as SIDBI Loan Scheme for MSMEs, Emergency Credit Line Guarantee Scheme, Prime Minister Street vendor’s AtmaNirbhar Nidhi Yojana, etc. With this initiative, Haqdarshak aims to reach 100,000 MSMEs and support 1 million jobs annually. 

Speaking about the partnership with Haqdarshak for the MSME offering, Sudarshan Chari, Head- Business Banking, DBS Bank India said, “At DBS, we are committed to empowering MSMEs to unlock new opportunities. We have introduced initiatives that complement the government’s relief measures and support businesses that have been impacted by disruptions arising due to COVID-19. Haqdarshak’s differentiated model addresses a critical gap in the delivery of welfare schemes, servicing as a one-stop solution for MSMEs to access the right government-assisted schemes. We believe that the proposition will benefit them tremendously in their road to recovery.”

Aniket Doegar, CEO and Co-founder, Haqdarshak Empowerment Solutions Private Limited said, “Over the last three years, Haqdarshak has reached over 4 lakh families and helped ease their access to government welfare programs. COVID-19 has hit small businesses the most with a loss in revenue, and a cash flow crunch. With our MSME-focused service, we intend to help these businesses access financing and other welfare services which the government has designed. DBS has been our supporter through this journey, and with their expertise and leadership in the MSME segment, we hope to scale up faster and better with this partnership.”

With the pandemic adversely impacting MSMEs, the bank has also enhanced its support measures for this segment. The initiatives enable them to augment working capital, meet operational liabilities, and navigate their businesses through the current crisis. 

“In India, DBS Bank has prioritized boosting credit accesses to businesses, especially during the lockdown, by leveraging its online credit solutions platform- DBS Digital Business Loans. It has also been offering the ”Guaranteed Emergency Credit Line’ scheme in line with the government’s COVID-19 relief efforts,” Bank in its statement said.

“At DBS, being purpose-driven is at the core of all our operations and we are passionate about maximizing the impact of social enterprises that positively influence lives and livelihoods. We are inspired by the work done by Haqdarshak for bolstering government efforts towards the MSME community. We hope that our partnership benefits these businesses, accelerating their recovery and growth in these challenging times,” Shoma Narayanan, Executive Director – Group Strategic Marketing & Communications, DBS Bank India added.

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Construction Jobs Expo 2025: RDS Arena, Dublin, Ireland

If you look at the statistics for recent years, you can see that the fastest-growing and most promising industry is construction. There are many...

Shadow AI: What SMEs Need to Know About the Hidden Risks of Free AI Tools

These days many small and medium-sized enterprises (SMEs) are rapidly implementing AI in a business environment that requires quick trailblazing in order to boost productivity and simplify business activities. The benefits of AI are enormous with the potential of introducing automation to improved decision...

Navigating the Complexities of EV Fleet Financing and Leasing Options in India

As India's transportation sector accelerates towards electrification, the shift from internal combustion engine (ICE)...

Leading Through Uncertainty: Lessons from Building in a Rapidly Evolving Tech Landscape

In the enterprise tech space, uncertainty is no longer the exception—it is the status...

Ankur Vij of Techjockey on B2B Software Buying Shifts, AI Trends, and Market Expansion

In a conversation with TechGraph, Ankur Vij, Senior Vice President of Business Growth at...

US Senate rejects bid to limit Prez. Trump on Iran Strikes

The Republican-led U.S. Senate on Friday rejected a Democratic-led effort to block President Donald...

Complete Guide to Playing the World’s Biggest Lotteries from India

Have you ever dreamed of winning massive jackpots from legendary lotteries like Powerball, EuroMillions,...

Cryptocurrencies and the Lottery World: A New Era with LottoPark

The world of lotteries has long been associated with excitement, dreams of fortune, and...

How is AI being used to detect unusual customer behavior & fraudulent transactions in real-time?

In an era of hyper-digital transactions and global commerce, it has been more difficult to detect fraud. Traditional rule-based systems simply cannot keep up...

Social Casino Compliance in 2025: Legal Loopholes, Tech, and Marketing Limits

The sweepstakes and social casino industry operates in a complex and changing legal environment....

How APIs Are Redefining the Future of Digital Products

The way software is built has undergone significant changes. Users expect real-time experiences. Developers...

Air India Plane Crash: Over 60 victims identified via DNA

Days after Air India’s Ahmedabad-to-London flight crashed with 242 passengers and crew on board,...

Consumer Expectations vs. Delivery Reality: The Real Challenges of Food Delivery Platforms

Getting food delivered at the doorstep has completely changed how people eat and live....

Why data breaches are getting costlier in India

A data breach occurs when unauthorized individuals gain access to confidential or sensitive information, compromising the integrity and security of an individual or a...

Intel Report: Iran’s Nuclear Progress Delayed but Not Destroyed by US Strikes

A day after the ceasefire between Israel and Iran, striking revelations have emerged from a preliminary U.S. intelligence assessment regarding the recent U.S. airstrikes on Iranian nuclear sites. The report suggests that the strikes did not destroy Iran’s nuclear capability but merely set it...

Nvidia CEO Jensen Huang Files to Sell $7.35 Million in Stock

Nvidia Corporation, CEO and President Jensen Huang has filed a notice with the U.S....

Mark Zuckerberg Files to Sell Meta Stocks Worth $9.78 Million

Meta Platforms CEO and chairman Mark Zuckerberg has filed a Form 144 with the...

GW Casino Review & FAQ: Real Talk for Aussie Punters

With the avalanche of cookie-cutter online casinos hitting Aussie screens, most punters have seen...

Finding the Right Custom Home Builder in Bay City: Reviews & Recommendations

Building a new home is one of life’s most exciting milestones—but it also comes...

Pichai Family Foundation to Sell 4,000 Alphabet Shares Worth $708K

The Pichai Family Foundation filed a notice with the U.S. Securities and Exchange Commission...

Sundar Pichai Sales Alphabet Stock Worth $5.6 Million

Alphabet Inc. (NASDAQ: GOOGL) CEO Sundar Pichai filed a notice with the U.S. Securities...

36 Bangladeshi Nationals Held Without Visas in Delhi

The Delhi Police has apprehended 36 Bangladeshi nationals residing illegally in India. The dedicated...

Congo: Over 29 dead as floods, landslides hit Kinshasa

At least 29 people died in Kinshasa after heavy rains over the weekend triggered...

Security Forces Deploy Facial Recognition Tech on Pahalgam Route to Secure Shri Amarnath Yatra

Jammu and Kashmir: In a first-of-its-kind move, security forces have installed advanced facial recognition...

Air India Plane Crash: Over 60 victims identified via DNA

Days after Air India’s Ahmedabad-to-London flight crashed with 242 passengers and crew on board,...

NVIDIA CEO Jensen Huang Files to Sell 50,000 Shares

NVIDIA Corporation CEO Jensen Huang filed a Form 144 notice with the U.S. Securities...

Chan Zuckerberg Initiative Sells Meta Shares Worth $17.8 Million

The Chan Zuckerberg Initiative Foundation sold 25,302 shares of Meta Platforms Inc. between June...

IAEA expresses ‘serious concern’ after US strikes on Iran

In response to U.S. airstrikes on Iranian nuclear facilities, the head of the International...

Iran pledges decisive action after US airstrikes on nuclear sites

An emergency meeting of the International Atomic Energy Agency (IAEA) was convened in Vienna...

Consumer Expectations vs. Delivery Reality: The Real Challenges of Food Delivery Platforms

Getting food delivered at the doorstep has completely changed how people eat and live....

Congo: Over 29 dead as floods, landslides hit Kinshasa

At least 29 people died in Kinshasa after heavy rains over the weekend triggered...

Sharp Bettors vs Recreational Bettors: What Sets Them Apart?

In the U.S. alone, over $120 billion was legally wagered on sports in 2023,...

Security Forces Deploy Facial Recognition Tech on Pahalgam Route to Secure Shri Amarnath Yatra

Jammu and Kashmir: In a first-of-its-kind move, security forces have installed advanced facial recognition...