Friday, June 18, 2021
Home Economy and Finance 59-minute loan approval scheme has approved loans of 1.12 lakh MSME applicants in less...

59-minute loan approval scheme has approved loans of 1.12 lakh MSME applicants in less than 2 months

The psbloansin59minutes.com portal uses advanced data analysis of GST returns, tax returns and bank account statements of GST registered MSMEs and approves loans to eligible applicants under 59 minutes.

In a written reply to the Lok Sabha Minister of State for Finance Shiv Pratap Shukla has stated that that out of 1.31 lakh loan applications in MSME sector, 1.12 lakh loan applications have been approved by the State-owned banks so far. The 59-minutes loan approval scheme was launched by the central government in November for the Micro, small and medium enterprises (MSME).

The Minister in his reply further stated that the government along with the RBI has taken several steps to ensure access of credit to the MSME sector and the sanctions have been made in 40,669 cases worth Rs 14,088.32 crore. Under the 59 minutes loan scheme launched by the Modi government on November 3, 2018, loans worth Rs 37,412 crore have been approved to the Micro Small and Medium Enterprises (MSMEs). The scheme mandates the state-owned companies to procure at least 25% of their product requirements from smaller firms, among others.

GST-registered MSMEs are eligible to take a loan of up to Rs 1 crore in 59 minutes only through psbloansin59minutes.com portal along with access to cheaper credit by way of an interest subsidy on fresh loans. The portal uses data analysis of GST returns, tax returns and bank account statements to access the loan eligibility of the applicant.

The portal is maintained by Online PSB Loans Limited earlier known as Capital World Platform Private Ltd. The scheme mandates the state-owned companies to procure at least 25% of their product requirements from smaller firms, among others.

According to the RBI data on gross bank credit till October 2018 the credit to the industry has registered a growth of 3.6% year-on-year. Under the 59 minutes, loan scheme Bank of Baroda and Union Bank of India alone have sanctioned 43% of the total amount sanctioned over the last 7 weeks. The loans sanctioned by Bank of Baroda amount to Rs 3,774 crore while Union Bank of India has sanctioned loans worth Rs 2,338 crore.

State Bank of India and Punjab National Bank are lagging behind in relation to sanctioning loans when compared with Bank of Baroda and Union Bank of India with total sanctions amounting to 13.33% and 8.6% respectively.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Haryana: Man burnt alive to make him ‘martyr’ against farm laws, villagers demand security from ‘farmers’ at Tikri border

As per reports, casteist slurs were hurled towards Mukesh after which he was set on fire. A video of him being set on fire has gone viral on social media where one can hear casteist abuses being thrown at him before he was set ablaze.

How a personal animosity was turned into defaming ‘Jai Shri Ram’ chant: All you need to know about Ghaziabad incident

The chronology of what all transpired in the fake 'hate crime' story where an elderly Muslim man claimed he was attacked and forced to chant 'Jai Shri Ram'

Mamata Banerjee govt recommends suspension of several accounts from Twitter, YouTube and Facebook, for criticising her: What we know

Sources indicate that Govt of West Bengal recently recommended the suspension of over 200 accounts for criticising Mamata Banerjee

The churn in Bengal BJP is normal and on expected lines. Here is why I don’t worry too much about it

Candidates don’t matter so much in Bengal, party affiliations do. The TMC proved this beyond all possible doubt in 2021.

The Wire tries to force fit a ‘hate crime’ angle in Ghaziabad incident only because victim is a Muslim

The Wire lowers its bar, goes from whitewashing Islamist terrorists to defending random 'taveez maker' from rural Uttar Pradesh

‘Based on social media narrative than evidence and chargesheet: Delhi Police files SLP after Pinjra Tod accused get bail

On 15th June, the Delhi High Court granted bail to Jamia Milia Islamia student leader Asif Iqbal Tanha, far-left ‘activists’ Devangana Kalita and Natasha Narwal in the Anti-Hindu Delhi riots case.

Recently Popular

Dhruv Rathee fans mark YouTuber Karolina Goswami for targeted harassment after she exposed his lies

After Karolina Goswami pointed out the factual errors and mistakes in the Dhruv Rathee video, Rathee's supporters have been harassing and abusing Goswami.

Pakistani audience go ballistic over Zee5 web series featuring Muslim girl-Indian Hindu boy love story, call it ‘haram’

The Pakistani web series features the love story between a Pakistani Muslim girl and Indian Hindu boy who have both lost their fathers to the conflict between the two nations.

Ghaziabad fake hate crime case: Unmuted video of elderly man seconds before he was beaten up released. Watch

In the video, Abdul can be heard admitting that one Intezar sent some people to him to make the 'tabeez' (occult amulet) and put them in his spell as he had some work from them.

Virtual hearing embarrassment: Congress leader Abhishek Manu Singhvi caught attending the court proceedings without pants

Abhishek Manu Singhvi was caught attending court proceedings in boxer shorts when one of the screens accidentally fell off and showed the naked legs of the senior advocate

Twitter India MD told Delhi Police he does not know directors and owner of his company, details of his boss: Feigning ignorance or...

Twitter India MD Manish Maheshwari said he does know who owns Twitter India, and which company his boss Yu Sasamoto belongs to

Delhi govt to spend Rs 9 crore to make modifications to the residence of Arvind Kejriwal, informs BJP leader

BJP leader Naveen Kr Jindal showed a Delhi govt order approving the modification of residence of Arvind Kejriwal at the cost of Rs 5 crore
- Advertisement -

 

Connect with us

255,564FansLike
554,244FollowersFollow
24,400SubscribersSubscribe