Out of 2,00,660 applications submitted, 1,59,583 applications for loans on the psbloansin59minutes.com portal have been accorded in principle approval since the launch of the portal. Sanctions have been made in respect of 1,33,448 cases. Bank wise details of loans accorded in principle approval and sanctioned by banks since launch of the portal as on 17^th July, 2019 is given in the Annexure.

Government and RBI have taken several steps to ensure access of credit to MSMEs, which inter-alia, include, advice to all Scheduled Commercial Banks (SCBs) to achieve a 20% year-on-year growth in credit to Micro and Small Enterprises (MSEs), allocation of 60% of the MSEs advances to the micro enterprise accounts, a 10% annual growth in number of micro enterprise accounts, additional working capital limit to meet the requirements arising due to unforeseen/seasonal increase in demand, adoption of one cluster, operationalising at least one specialised MSME Branch in every district, simplified computation of working capital of MSE units to make it minimum 20% of the projected annual turnover of the unit for borrowal limits upto ₹ 5 crore, setting up of Trade Receivables Discounting System (TReDS) to solve the problem of delayed payment of MSMEs, etc.         

In addition, Government launched a “Support and Outreach Programme for MSMEs” on 2nd November, 2018. The programme, inter-alia, included initiatives for MSMEs on access to credit such as through the psbloansin59minutes portal, access to market, technology upgradation, ease of doing business, social security for MSME sector employees etc.

This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in a written reply to a question in Rajya Sabha.

Annexure
Details of loans sanctioned by Banks under psb loans portal till 17.07.2019
Sr. No.	Bank	Online (Market Place + Bank Specfic 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 above data includes data of Private Sector Banks.
Source : Online PSB Loans Ltd.

 

Access to credit for MSMEs enhanced via psbloansin59minutes portal, enabling streamlined in principle approvals and loan sanctions. The psbloansin59minutes portal expanded access to credit for MSMEs by enabling automated in principle approvals and subsequent bank sanctions, operating alongside regulatory guidance directing banks to increase MSE credit growth, allocate a defined share of advances to micro enterprises, provide additional working capital for seasonal needs, simplify working capital computation for small borrowers, operationalise specialised MSME branches, and promote Trade Receivables Discounting to mitigate delayed payments.