CIMSME Updates

PSB LOAN IN 59 MINUTES The Finance Ministry, Government of India has launched a web portal www.psbloansin59minutes.com for in-principle approval of MSME loans upto 1 crore within 59 minutes. Under the initiative, loans are processed without human interface till sanction/disbursement stage. The process will be algorithm based to read & analyse data from different data sources and provide an output of the summary of credit and valuation etc. of the applicant. The loan will be disbursed in 7-8 working days after the in-principle approval. The in-principle approval of loans through the website will not require any physical documents. Udyamimitra initiative of SIDBI SIDBI has launched many digital initiatives in the MSME space in the recent past such as sidbi.in, smallb.in, sidbistartupmitra.in, standupmitra.in. Recently SIDBI has launched another interactive portal www.udyamimitra.in for MSMEs. The portal is envisioned as a virtual marketplace providing end to end solutions under the MSME space including but going beyond credit services. The portal also provides handholding support to the MSME entrepreneurs in all respects. The portal seeks to provide across the board services which an MSME requires at the setting-up as well as growth stage. This is applicable to MUDRA loans (upto 10 lakhs) and loans under Stand-Up India Scheme for SC/ST and Women (10 lakh to 100 lakh) as well as other MSME loans. Key Highlights of the portals are :- Market place offering wider access- One application is available for all participating banks Online application – Access enabled for applying any time & from anywhere Facility for tracking your proposal- responsiveness is assured For more information visit www.udyamimitra.in