Shri Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises has informed that A portal www.psbloansin59minutes.com has been launched by a public limited company, ‘Online PSB loans Ltd’ in which SIDBI & other public sector banks hold majority stake. The portal facilitates in-principle approval of loans for MSMEs in 59 minutes by various banks.
A separate Scheme has also been launched under which 2% interest subvention on fresh or incremental loan upto Rs.1 crore is provided to MSMEs having valid GSTN number and Udyog Aadhar Number. The above measures help the MSMEs in easier access to finance at reduced cost.