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Loans sanctioned in 1,33,448 cases under the 59-minutes Scheme

Loans sanctioned in 1,33,448 cases under the 59-minutes Scheme

Loans sanctioned in 1,33,448 cases under the 59-minutes Scheme to MSME

Out of 2,00,660 applications which have been submitted, 1,59,583 applications for loans on the psbloansin59minutes.com portal was accorded in-principle approval from the time of the launch of the portal. Sanctions were made with regard to 1,33,448 cases. Bank wise details of loans accorded in-principle approval as well as sanctioned by banks from the time of the launch of the portal as on 17th July 2019.

Government and RBI took several steps to make certain access of credit to MSMEs, which inter-alia, consist of, advice to every Scheduled Commercial Banks (SCBs) for achieving a 20% year-on-year growth in credit to Micro and Small Enterprises (MSEs), allocation of 60% of the MSEs advances towards the micro-enterprise accounts, a 10% annual growth in number of micro-enterprise accounts, additional working capital limit in the direction of meeting the requirements arising as a result of unforeseen or seasonal increase in demand, adoption of one cluster, operationalising at least one specialised MSME Branch in each district, easy computation of working capital of MSE units to make it minimum 20% of the projected annual turnover of the unit for borrowal limits up to Rs.5 crore, setting up of Trade Receivables Discounting System (TReDS) towards solving the concern of delayed payment of MSMEs, etc.         

Furthermore, the Government launched a “Support and Outreach Programme for MSMEs” on 2nd November 2018. The program comprised initiatives for MSME on access towards credit for example through the psbloansin59minutes portal, access to market, technology up-gradation, simplicity of doing commerce, social security for MSME sector workers, etc.

Annexure

Details of loans sanctioned through Banks under PSB loans portal till 17.07.2019

Sr. No.

Bank

Online (Market Place + Bank Specific URL), Offline & Renewal bulk upload

In-Principle

Sanctioned

No.

No.

1

Allahabad Bank

5160

4786

2

Andhra Bank

1671

1118

3

Bank of Maharashtra

2008

927

4

Bank of Baroda

21200

18049

5

Bank of India

15275

12674

6

Canara Bank

8630

7796

7

Central Bank

8399

7585

8

Corporation Bank

2702

2237

9

IDBI

2789

2322

10

IDFC First Bank

10

0

11

Indian Bank

3256

2065

12

Indian Overseas Bank

2738

1780

13

Kotak Bank

19

0

14

Oriental Bank of Commerce

6793

5201

15

Punjab National Bank

10626

7810

16

Punjab & Sind Bank

2950

2458

17

State Bank of India

36353

32642

18

SIDBI

375

102

19

Syndicate bank

1109

646

20

UCO Bank

2936

2084

21

Union Bank Of India

18237

16219

22

United Bank of India

2740

2394

23

Vijaya Bank

3607

2553

Total

1,59,583.00

1,33,448.00

 

Note: The data given above comprises of data of Private Sector Banks

What is MSME?

For Enterprises occupied in the manufacture or production, processing or preservation of goods, the definition is:

Micro-Enterprise: An enterprise where investment in the plant as well as machinery doesn’t surpass Rs.25 lakh.

Small Enterprise: An enterprise where the investment in the plant as well as machinery is above Rs. 25 lakh but doesn’t surpass Rs. 5 crore.

Medium Enterprise:  An enterprise where the investment in the plant as well as machinery is above Rs.5 crore but doesn’t surpass Rs.10 crore.

For the above-mentioned entities, investment in plant and machinery is the original cost which excludes land as well as building and additional items as specified by the Ministry of Small Scale Industries.

For Enterprises occupied in giving or rendering of services, the definition is:

Micro-Enterprise: An enterprise where the investment in equipment doesn’t surpass Rs. 10 lakh.

Small Enterprise: An enterprise where the investment in equipment is above Rs.10 lakh but doesn’t surpass Rs. 2 crores.

Medium Enterprise: An enterprise where the investment in equipment is above Rs. 2 crores but doesn’t surpass Rs. 5 crore.

Author:

eStartIndia Team



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