As per the data by the Ministry of Finance, loan amount of nearly Rs 70,000 crore has been disbursed till 13 January 2020 under the scheme of providing loan to Micro Small and Medium Enterprises (MSMEs) within 59 minutes.
The government has introduced loan provision to MSMEs through a dedicated online portal- www.psbloansin59 minutes.com for ease of access to credit for MSMEs.
The portal acts as a single interface portal which facilitates in principal approval of bank loans to Micro Small and Medium Enterprises upto Rs 5 crore within 59 minutes.