Friday, Mar 29 2024 | Time 14:48 Hrs(IST)
image
Business Economy


Govt launches online platform for lending credit upto Rs 1 cr for MSMEs

New Delhi, Sep 25 (UNI) The Government on Tuesday announced the launch of a digital lending platform for the Micro, Small and Medium Enterprises where they can take loans of upto Rs 1 crore without contacts within 59 minutes only.
The Government was also taking steps to introduce a common digitised platform for the purpose in which the State Bank of India, Punjab National Bank, Bank of Baroda, Vijaya Bank and Indian Bank have been roped in.
“In the digital platform, a customer has to apply online for loans. He fill details of Income Tax Returns, GST and the banks statement and within minutes the loan is approved without going anywhere,” Department of Financial Services Secretary Rajiv Kumar told a press conference here.
Union Finance Minister Arun Jaitley said the government has taken three new initiatives for maintaining better liquidity among all sectors required. The steps are financial inclusion index for states, credit availability for MSME sector through online platform and the GIS mapping to find out nearest available lending bank.
He said the Insolvency and Bankruptcy Code impact was clearly visible and NPAs were on decline mode as recoveries have picked up. Credit growth has significantly moved upwards and lending ability of banks were much better.
“Banks are expected to recover about Rs 1.80 lakh crore from overall non-performing assets (NPAs) through insolvency and other resolution mechanisms.”
Mr Jaitley was addressing a press conference after an annual review meeting of Chief Executives and other whole-time Directors of Public Sector Banks (PSBs) here.
He said the amendment in the IBC to debar wilful defaulters has had positive consequence in terms of resolution, recovery, provisioning and credit growth. The defaulting borrowers have been stepping forward to make payment in order to participate in the resolution process.
The Minister said the banks are confident of ensuring liquidity to sectors wherever it is required. He also exhorted banks to ensure all steps at their end to ensure clean lending and effective action in cases of fraud and wilful default to justify the trust reposed in banks.
Earlier in the day, Mr Jaitley said Insolvency and Bankruptcy Code, GST, demonetisation and digital payments have increased the purchasing power of the country and therefore help India sustain a growth rate of around 8 per cent.
“The formalisation of the Indian Economy coupled with inclusive growth through massive financial inclusion, has unlocked purchasing power which will drive India’s growth. This should help India sustain a growth rate of around 8 per cent,” he said.
The review meeting came close on the heels of losses incurred by public sector banks, reported frauds and scams, identification of higher NPAs, credit-related issues, markets’ up and down and government-induced consolidation.
UNI SW RSA 1923
More News
India's core sector output rises to three-month high of 6 7 pc in February

India's core sector output rises to three-month high of 6 7 pc in February

28 Mar 2024 | 7:51 PM

New Delhi, Mar 28 (UNI) Driven primarily by coal, cement and crude oil production, India's core sector comprising of eight key infrastructure components grew 6.7% year-on-year in February 2024, as per data released by Ministry of Commerce and Industry on Thursday.

see more..

Honda Motorcycle & Scooter India achieves historic 6 cr domestic sales milestone

28 Mar 2024 | 7:19 PM

Mumbai, Mar 28 (UNI) Honda Motorcycle & Scooter India (HMSI) announced on Thursday that it has accomplished a historic achievement of 6 crore domestic sales in India. Honda ventured into the Indian market with its first two-wheeler, the Activa, in 2001.

see more..

28 Mar 2024 | 5:28 PM

UNI NK AKS.

see more..
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
image