Current Affairs

Finance Ministry launches web portal to grant loans to MSMEs

Union Finance Minister Arun Jaitley has launched a portal www.psbloansi59 minutes.com to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans 
Finance Ministry launches web portal to grant loans to MSMEs
within an hour without the need for branch visit.
  • The web portal will enable in-principle approval for MSME loans up to Rs. 1 crore within 59 minutes from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs).
  • It also simplifies the decision making process for a loan officer as the final output provides summary of credit, valuation and verification on a user-friendly dashboard in real time.

About the PSB loans in 59 minutes Portal:

  • The portal is a strategic initiative of SIBDI led five PSB consortium, incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance.
  • It sets a new benchmark in loan processing and reduces turnaround time from 20-25 days to 59 minutes.
  • Subsequent to this in-principle approval, the loan will be disbursed in 7-8 working days.
  • The portal integrates advanced fintech to ensure seamless loan approval and management in MSME banking credit space.
  • The loans under it are undertaken without human intervention till sanction and or disbursement stage.
  • It has a User Friendly Platform, which omits need for physical submission of any physical document for in-principle approval.
  • It also uses sophisticated algorithms to read and analyse data points of MSME borrower from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than an hour.
  • It also captures applicant's basic details using smart analytics from available documents.

Question:

Q. Union Finance Minister Arun Jaitley has launched a portal www.psbloansin59minutes.com to enable which sector to get in-principle approval of loans within an hour without the need for branch visit?
a. MSMEb. SME
c. Dairy
d. None of the above
Finance Ministry launches web portal to grant loans to MSMEs Finance Ministry launches web portal to grant loans to MSMEs Reviewed by Inderjeet Virdi on September 29, 2018 Rating: 5

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