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PSBs approve loan applications worth over 1.12 lakh for MSME sector under '59 minutes' scheme

Franchise India Bureau
Franchise India Bureau Dec 29 2018 - 1 min read
PSBs approve loan applications worth over 1.12 lakh for MSME sector under '59 minutes' scheme
GST-registered MSMEs can take loan up to Rs 1 crore in just 59 minutes via 'psbloansin59minutes.com' portal.

Under the '59 minutes' loan scheme launched by the government in November, public sector banks have approved over 1.12 lakh loan applications of Micro, Small and Medium enterprises (MSMEs) totalling Rs 37,412 crore. GST-registered MSMEs can take loan up to Rs 1 crore in just 59 minutes via 'psbloansin59minutes.com' portal. 

Shiv Pratap Shukla, Minister of State for Finance, has said that as on December 25, out of over 1.31 lakh applications, the state-owned banks have accorded in-principal approval to 1.12 lakh applicants. 

"The sanctions have been made in respect of 40,669 cases totalling Rs 14,088.32 crore. The government and the Reserve Bank have taken several steps to ensure access of credit to MSME sector," he further stated.

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