The Union government sanctioned 27,893 proposals through psbloansin59minutes.com portal till March 31, 2019. Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises in a written reply to a question in Lok Sabha on Thursday said, "As on 31.03.2019, more than 50, 706 proposals have got in-principle approval and 27, 893 proposals have been sanctioned." The psbloansin59minutes.com portal was launched by Modi government last year. Within a few months of launch, the portal emerged as India's largest online lending platform, with loan sanctions exceeding over Rs 35,000 crore, PTI had reported in March this year. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The psbloansin59minutes.com portal was launched by Narendra Modi government in November last to provide loans up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes or less than an hour. The initiative was aimed at making the banking process transparent and hassle-free. 

The official website of the portal said, "PSB Loans in 59 minutes is an online marketplace, which will enable In-Principle approval for MSME loans up to INR 5 Crore in 59 minutes from Public Sector Banks."

"The platform has reduced the loan processing turnaround time from 20-25 days to 59 minutes. Post receiving of In-Principle approval letter, the loan is expected to be disbursed in 7-8 working days," it adds. 

The portal processes loan application without human intervention till sanction and/or disbursement stage. Any MSME borrower do not need to submit any physical document for in-principle approval for loan. Instead, the portal's depends on advanced algorithms to analyze data points from several sources such as Income Tax returns, GST data, Bank Statements etc.

On the Solar Charkha Scheme for MSME Sector, Gadkar today told the Parliament that the scheme was launched in 2018 with an outlay of Rs 550 crore to set up 50 Solar Charkhas across the country. As many as 19 proposals have been received under the scheme so far.