Small Industries Development Bank of India (SIDBI) entered into an agreement with a fintech Onion Life to use its technology platform KarmaLife for a pilot to provide small enterprise loans to gig workers and support their financial inclusion to formal institutional credit.

• Onion Life’s innovative technology platform “KarmaLife” will help gig workers access micro loans through a mobile app and eliminates the hassle of extensive paperwork or physical documentation.
• This streamlined process will make it easier for gig workers to manage liquidity needs of their enterprise activities.
• Speaking on the occasion, S Ramann, CMD, SIDBI said, "SIDBI is committed to use latest digital technology for providing affordable credit to different categories of micro enterprises to fuel the entrepreneurial aspirations across the country.