(BS)
Finance Minister Arun Jaitley on Tuesday launched a portal to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans within an hour without the need for a branch visit.
The web portal, www.psbloansin59minutes.com, will enable in-principle nod for loans up to Rs 10 million within 59 minutes for MSMEs, financial services department secretary Rajiv Kumar said.
The portal is for securing loan approvals only from Small Industries Development Bank of India, and five public sector banks (PSB) — State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Vijaya Bank, and Indian Bank.
