Why Online Verification of KYC Documents is necessary for an MSME?
MSMEs or Micro Small or Medium Enterprises in India are those which make small capital investments in plant and machinery. This doesn’t include land and building investments. MSMED Act 2006 says, manufacturing units making investment below rs 25 lakhs are considered Micro. 
Those investing between Rs.25 Lakhs and Rs.5 crore are Small. Medium are those units which invest in between Rs.5 to Rs.10 crore. The MSMEs contribute 45% of India’s total industrial employment, 50% of India’s Exports and 95% of all industrial units in the country. The country grows with the growth of these MSMEs, so their facilitation and development is the need of the hour. For registering oneself as a MSME businessman, the documents required are
- Aadhar number
- Industry name
- bank account details
- self certified certificates, and
- some common information.
Physical verification consumes longer time than an automated one. Also, the latter shows less faults than the former. Considering the advantages of an automated KYC verification system, let’s discuss here, ScoreMe’s data aggregation tool. The tool facilitates appropriate online verification of KYC documents of the borrowers. Since, the software is linked to various public domain sources, it benefits both individuals and companies. The software covers :
- KYC – Corporate
- FSSAI
- FDA
- Import/Export verification
- Shop & Establishment
- Udyog Aadhar number
- LEI
- GSTN
- KYC – Retail
- Driving License
- Passport
- Vehicle Registration
- Aadhar verification
- Voter Card
- ESIC
- Professionals Details
- CA Membership
- ICWAI Membership
- ICSI Membership
- MCI Membership
- Tax Details
- ITR Filling Status
