Credit Of Rs. 30,000 Crore Sanctioned Under Rs. 1 Crore In 59 Minutes Scheme

As per the leading business dailies report, the government platform that provides loans of up to Rs. 1 crore in 59 minutes, psbloansin59minutes portal, to micro, small and medium enterprises (MSME), since its roll-out in September has sanctioned nearly Rs. 30,000 crore.

Credit Of Rs. 30,000 Crore Sanctioned Under Rs. 1 Crore In 59 Minutes Scheme

To avail credit through this facility, borrowers are required to submit GST details, bank account statement and income tax returns.

The report added that the credit offtake is likely to pick up going ahead as banks will pass on the benefit of reduced repo rate to their customers. In its February policy, RBI in a surprise move reduced its benchmark repo rate by 25 basis points to 6.25%. The repo rate is the rate at which RBI lends money to commercial banks when they face shortage of funds.

"We have 24,000 new borrowers who took loans through this portal of around Rs 6,400 crore", sources were cited as saying in the report. The report further highlighted that loans worth Rs. 23,439 crore have been provided to over 68.000 repeat borrowers under the scheme.

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