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Web Portal to grant loans to MSMEs Launched
September 28 , 2018
2122 days
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- Union Finance Ministry has launched a portal to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans within hour without need for branch visit.
- The web portal, www.psbloansin59minutes.com, will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes for MSMEs.
- The portal is for securing loan approvals only from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs).
- The portal is strategic initiative of SIBDI led five PSB consortium incubated under aegis of Department of Financial Services (DFS), Ministry of Finance.
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