Under the scheme of providing loan to Micro Small and Medium Enterprises (MSME’s) within 59 minutes nearly 70,000 crore rupees has been disbursed till January 13, 2020. The report was given by the Ministry of Finance (MOF).
Key Points:
i.Loan was given to 2.19 lakh applications out of 2.73 lakh applications.
ii.The government has introduced loan provision to MSMEs through a dedicated online portal- www.psbloansin59minutes.com.
iii.This portal acts as a single interface portal which facilitates in principal approval of bank loans to Micro Small and Medium Enterprises upto five crore rupees within 59 minutes.
About PMMY:
On April 8, 2015, Pradhan Mantri MUDRA Yojana (PMMY) was launched by the Hon’ble Prime Minister Narendra Modi , for providing loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises. Micro Units Development and Refinance Agency Bank (MUDRA) is set up under the Pradhan Mantri MUDRA Yojana scheme. The types of Loan provided under MUDRA are Shishu covers the loan amount upto Rs.50,000 and Kishor covers the loan amount above Rs.50,000 and upto Rs.5 lakh and Tarun covers the loan amount above Rs.5 lakh and upto Rs.10 lakh.
About Ministry of Finance:
Founded- October 29, 1946
Headquarters- New Delhi
Minister- Nirmala Sitharaman
