MSME loans up to Rs1 crore within 59 minutes
Transformative initiative in MSME credit space The loans are undertaken without human intervention Finance Minister launches web Portal www.psbloansin59minutes.com The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a transformative initiative in MSME credit space. The web portal www.psbloansin59minutes.com will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs). It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The Portal sets a new benchmark in loan processing and reduces the 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. A first in MSME banking credit space, www.psbloansin59minutes.com is one of its kind platforms in MSME segment which integrates advanced