Shri Arun Jaitley Launched a Web Portal "www.psbloansin59minutes.com"

1. The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a transformative initiative in MSME credit space. The web portal www.psbloansin59minutes.com will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs).
2. The Portal sets a new benchmark in loan processing and reduces the turn around time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.
3. The key features of the contactless platform include:

• The majority stake of SIDBI & big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
• A first for MSME borrowers-Connect with multiple banks without visiting the branch.
• Advanced Digital Platform for MSME Financing with Services Driven Architecture and the highest level of Information Security.
• Only Platform in the market with a Banker Interface which covers the Branch Level integrations (with maker-checker-approver) in tune with current systems of PSBs.
• Only Platform that enables Bankers to create Loan Products in line with the Scoring models & assessment methods within their approved credit policy.
• Only Platform that has an integrated GST, ITR, Bank Statement Analyzer, Fraud Check and Bureau Check as well as host of other features which at present is not available with any other player in the market.
• Only Platform that has been integrated with CGTMSE for checking the eligibility of Borrowers. MSME borrower gets the loan up to Rs.2 crore without any collateral, which is the major relief for MSME borrower.