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.

- Advertisement - - Article resumes -

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.

Share and Support:
Support OpIndia by paying for content

Most read articles recently

Philip Kotler and Narendra Modi

Philip Kotler endorses the award to PM Modi, which Rahul Gandhi had tried to run down

Earlier Rahul Gandhi, with help from fake news peddling website The Wire, had tried to insinuate that the award was insignificant.

Chidambaram accuses Modi government of fiscal indiscipline, netizens cannot stop laughing

Chidambaram stated that the Modi government is following a 'scorched earth' policy by promising big schemes for which there is no money.

Gujarat couple prints Rafale details in their wedding card, ask people to vote for Modi instead of giving gifts

A unique wedding invite from this Gujarat based couple to make people aware about the Rafale deal
Dr. Chaddha of Vicky Donor

Rahul Gandhi wins first ever Dr. Chaddha Presidential Award for being a lucky sperm

Congress has decided to celebrate 19 June as World Sperm Day. Rahul Gandhi is supposed to be the Prime Minister of India by then.

Twist in the tale: Kerala activist claims it was Kanakdurga who beat up her mother-in-law, a staunch Ayyappa devotee

Sandeep Varier alleged that it was actually Kanakdurga who had attacked her mother-in-law, a staunch Sabarimala and Lord Ayyappa devotee

Chhattisgarh: Congress government to cancel the ambitious Ayushman Bharat scheme in state

Recently, Mamata Banerjee also pulled West Bengal out of Ayushman Bharat scheme, accusing Modi of taking full credit

Voter registration: A step-by-step guide to register online on the voter list

A comprehensive guide for the first time voters to register themselves on the portal and ensure their participation in the world's largest democracy

Mahendra Singh Dhoni: Not going gentle into the dark night

Dhoni's remarkable match-winning innings in an important match under extreme pressure only shows that he has still got what it takes
Rahul Gandhi-Rafale

French Ambassador calls out Congress mouthpiece National Herald over latest Rafale lies

The fake news was first shared and spread by the usual propagandists on Twitter like Prashant Bhushan
Fact-Check: No trees were felled to make helipad for PM Modi in Odisha, only 40 shrubs

Media reported ‘thousands of trees felled ahead of PM Modi’s Odisha visit to make helipad’, turns out, it was a lie

The East Coast Railways Spokesperson has said that no trees were felled to make a temporary helipad for Prime Minister Modi in Odisha, only some shrubs and saplings were removed

Latest articles

Connect with us


Don't miss these