New Delhi, Jan 01: India Post and the Small Industries Development Bank of India (SIDBI) have signed a Memorandum of Understanding (MoU) to verify informal micro enterprises on the Udyam Assist Platform.
The MoU, signed by representatives from both organizations, aims to ensure the accuracy of business details through Contact Point Verification using India Post’s extensive network of over 164,000 post offices and trained staff.
The verification process will involve checking various business details supported by geo-tagged evidence. SIDBI, which manages the Udyam Assist Platform, emphasized that this initiative will enhance data quality and facilitate access to formal credit for small informal businesses.
Additionally, SIDBI has developed a mobile app for real-time data collection and secure uploads of geo-tagged photos. The MoU, effective from December 31, 2025, to December 30, 2027, includes standards for data security, confidentiality, and compliance with GST, showcasing India Post’s significant role in advancing MSME development, financial inclusion, and the formalization of the informal economy.
