1.12 lakh MSMEs granted loan approval under “59 Minutes” scheme

The scheme enables GST-registered micro, small and medium enterprises (MSMEs) to take loans up to ₹1 cr.

As per news reports, public sector banks have approved more than 1.12 lakh loan applications of MSMEs (amounting to around ₹37,412 crore) under the “59 minutes” loan scheme launched by the government in the month of November.

According to the scheme, GST-registered micro, small and medium enterprises (MSMEs) can take loan up to ₹1 crore in just 59 minutes through the “psbloansin59minutes.com” portal.

Minister of State for Finance Shiv Pratap Shukla in a written reply to the Lok Sabha said that as of December 25, out of over 1.31 lakh applications, state-owned banks have accorded in-principal approval to 1.12 lakh MSME applicants.

He also added that the government and the Reserve Bank of India have taken several steps to ensure access of credit to MSME sector. Until now, sanctions have been made in respect of 40,669 cases which is about ₹14,088.32 crore.

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