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59-minute’ loan scheme by Modi: 1.12 lakh applications approved, Rs 37,412-cr loans sanctioned

Minister of State for Finance Shiv Pratap Shukla informed that State run banks have given in-principle approval to 1.12 lakh loan applications of micro, small and medium enterprises (MSMEs) totalling Rs 37,412 crore under the ‘59 minutes scheme’. He added that loans worth Rs 14,088.32 crore in 40,669 cases have also been sanctioned. Under the scheme, MSMEs registered under GST are eligible for loans up to Rs 1 crore in just 59 minutes through ‘psbloansin59minutes.com’ portal. MSMEs contribute 38% to the nation’s GDP and 40% and 45% share of the overall exports and manufacturing output.

Read More at The Financial Express News date : 29 Dec 2018, Saturday

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