March 15: Loans worth Rs 689 crore were approved by the public sector Punjab National Bank (PNB) to around 1,600 Micro, Small and Medium Enterprises (MSMEs) via its psbloansin59minutes.com portal. This was done as part of the company’s plans to promote such companies.
During the current fiscal, till February 14, the bank offered around loans to over 2.69 lakh small entrepreneurs under the Mudra Yojana. In November 2018, the Prime Minister had launched the PNB 59-minute loan portal to avail easy access to credit for MSMEs. With a total sanction amount of Rs 689 crore, the bank has allocated around loans to over 1,600 accounts under this initiative.
According to a news report, within an hour or less, MSMEs can avail loans of up to Rs 1 crore from the portal. The portal, psbloansin59minutes.com is integrated with GST server at the back-end, IT, credit bureaus and banks. Thus MSME’s loan application can be done using GST registration. With the portal, the number of applicants on the individual models of lenders is increasing.
The strategic initiative put forth by PSB is backed by the Department of Financial Services (DFS), Ministry of Finance. Banks including SBI, Bank of Baroda, PNB, Vijaya and Indian Bank are also part of the same.
After the launch of the Pradhan Mantri Mudra Yojana, with a total amount of Rs 21, 019 crore PNB has allotted loans for around 17.16 lakh accounts till December 2018.
The report added that, till February 14, 2019, the bank has sanctioned loans of amount Rs 5,290 crore to over 2.69 lakh accounts, in the ongoing fiscal. The scheme was a helping hand for millions of small enterprises in India. The scheme is expected to do the same in the coming years too. He added that PNB has surpassed the government targets under the Mudra scheme thereby offering an extra working capital limit to MSMEs.
In the previous month, under the Enhanced Access and Service Excellence (EASE) reforms agenda, PNB won many awards. The Reforms Excellency Award was presented To PNB. Apart from this, it was also announced the winner of the categories including customer responsiveness, responsible banking, and credit Off-take. PNB was also listed in the Forbes world’s best bank 2019 report which was based on customer satisfaction ratings.