59-minute loan approval scheme for micro, small and

Solution

SIDBIrsquo;s 59-minute loan approval scheme for micro, small and medium enterprises (MSMEs), PSB Loans in 59 Minutes has disbursed 2,24,323 loans involving Rs 66,635 crores out of 2,41,781 loans amounting to Rs 82,323 crores sanctioned as of September 1, 2022. In comparison, loans sanctioned as of August 31, 2021, under the 59-minute loan scheme to MSMEs stood at 2,33,845 involving Rs 77,811 crore while loans disbursed were 2,17,828 amounting to Rs 63,553 crore. Launched in November 2018, the scheme provides in-principle bank approval for collateral-free term loans or working capital loans to MSMEs from Rs 1 lakh to Rs 5 crore in 59 minutes. Learn Along: