A new boost to MSME sector from PSBs under ’59 minutes’ loan scheme

Micro, Small & Medium Enterprises will receive a loan worth Rs 37,400 crore from Public Sector Banks. PSBs have approved more than 1.12 lakh loan applications of MSMEs under the ‘59 minutes’ loan scheme launched by the government last month.

Union Minister of State for Finance Shiv Pratap Shukla said in his written reply in Loksabha yesterday, that as on 25th of this month, out of over 1.31 lakh applications, the state-owned banks have accorded in-principal approval to 1.12 lakh applicants.

GST-registered Micro, Small and Medium Enterprises (MSMEs) can take a loan up to one crore in just 59 minutes through ‘psbloansin59minutes.com’ portal.

In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 Government and Central Bank have taken several steps to boost the Micro, Small and Medium Enterprises (MSME).

Finance Minister Arun Jaitley on September 25, this year. Launched a new portal to fast-track loans for micro, small and medium enterprises (MSMEs) as the government promised that banks will approve funding up to Rs 1 crore in 59 minutes without entrepreneurs having to visit branches.