Targeted Actions Deliver Real Time Value (15/3/2022)
Targeted Actions Deliver Real Time Value
For improving the loan processes, the government in November 2018 announced a 59-minute in-principal loan scheme for the MSME sector.
Psbloansin59minutes portal has recorded 2.38 lakh loans involving ₹80,379 Cr sanctioned as of March 2022. This accounts for 4.3% of the total credit disbursed to MSMEs by Banks in Jan’22.
Jinand Shah, CEO of Online PSB Loans is optimistic of clocking 10-15 lakh sanctioned loans by the end of next year. The more the MSMEs are aware of this scheme, the more they will apply and benefit.
To apply for this scheme, MSMEs must share the GST identification number,