Banks Disburse 2.15 Lakh Applications Amounting To Over Rs 62,722 Crore Under PM Modi’s 59-Minute MSME Loan Scheme

The public and private sector banks and the non-banking financial companies (NBFCs) have sanctioned as many as 2,31,425 loans worth Rs 76,670 to the MSMEs under the centre’s 59-minute loan approval scheme as of 30 April, reports Financial Express.

Of this sum, the banks have also disbursed 2,15,836 loans amounting to Rs 62,722 crore as per the data from Union Ministry for MSME. The figures stood at 2,03,120 loans worth Rs 56,773 crores disbursed as of bygone 30 November 30and 1,96,473 loans involving Rs 54,545 crores disbursed as of 31 August last year.

Launched by Prime Minister (PM) Narendra Modi in November 2018, the scheme is run by SIDBI with State Bank of India, Punjab National Bank, Yes Bank, Bank of Baroda, ICICI Bank, Kotak Mahindra Bank, Indian Bank, Central Bank of India and many more serving as partner banks.

The scheme offers term loans, Mudra loans and working capital loans to MSMEs for purchase of plant and machinery, technology upgrade, product expansion, purchase of raw materials, infrastructure development, et cetera.