Union government will
launch a massive outreach programme to MSME clusters across the country. Bank
officials will be stationed in these locations to provide loans to MSMEs,
through the government’s newly launched web portal,
www.psbloansin59minutes.com. Loans in the range of Rs 1-10 million will be
sanctioned within 59 minutes through this portal. The portal is for securing
loan approvals from Small Industries Development Bank of India, and five public
sector banks (PSBs) — State Bank of India (SBI), Bank of Baroda, Punjab
National Bank, Vijaya Bank, and Indian Bank. On the first day, banks are
likely to sanction 300 proposals to potential MSME borrowers in less than one
hour through the web portal, sources said. Modi will interact with
MSMEs from five select districts through video conferencing and with four-five
corporates registered on the Trade Receivables Electronic Discounting System
(TReDS) platform, which facilitates the financing of trade receivables of MSMEs
through multiple financiers. The Prime Minister will also address hundreds of
MSMEs and bank executives present at Vigyan Bhawan in Delhi.
Readers' Choice
IPS officer writes to “Sarkar” seeking “Car” at par; flags a discriminatory regime
Gujarat: A major reshuffle of IPS enacted
Ex IAS officer joins BJP; to be fielded against Harsimrat Badal
ECI rejects proposal to appoint Saunik as CS; extension for Kareer sought
Saunik top contender for Maha CS; Kareer to retire on March 31
Centre’s MSME outreach programme hits the turf today
By IndianMandarins - 2018-11-02 11:06:02
Union government will launch a massive outreach programme to MSME clusters across the country. Bank officials will be stationed in these locations to provide loans to MSMEs, through the government’s newly launched web portal, www.psbloansin59minutes.com. Loans in the range of Rs 1-10 million will be sanctioned within 59 minutes through this portal.
The portal is for securing loan approvals from Small Industries Development Bank of India, and five public sector banks (PSBs) — State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Vijaya Bank, and Indian Bank.
On the first day, banks are likely to sanction 300 proposals to potential MSME borrowers in less than one hour through the web portal, sources said.
Modi will interact with MSMEs from five select districts through video conferencing and with four-five corporates registered on the Trade Receivables Electronic Discounting System (TReDS) platform, which facilitates the financing of trade receivables of MSMEs through multiple financiers. The Prime Minister will also address hundreds of MSMEs and bank executives present at Vigyan Bhawan in Delhi.
