2,01,863 proposals of ₹ 39,580 crore in BUSINESS LOAN category disbursed through psbloansin59minutes.com portal

17,791 proposals worth ₹ 1,689 crore in RETAIL LOAN category disbursed through the portal

Since the inception of the psbloansin59minutes.com portal on 25.9.2018, till 28.2.2022, 2,01,863 proposals amounting to ₹ 39,580 crore have been disbursed in the business loan category and 17,791 proposals amounting to ₹ 1,689 crore have been disbursed in the retail loan category. This was stated by the Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question in Rajya Sabha today.

The Minister stated that the portal only offers a platform for speedier in-principle approval by lenders onboarded on it. The final credit decision taken on loan applications sourced through the portal is taken by the lenders and monitoring of the accounts of sanctioned loans, including steps to effect recovery in any accounts that are subsequently classified as non- performing asset (NPA), is also done by the lenders. Details of the same are not centrally maintained.

On handling of loans, the Minister stated that loan appraisal and processing is carried out by respective branches and loan processing centres of the lenders. Further, the Minister stated that many lenders connect or integrate with digital credit marketplaces like psbloansin59minutes.com, paisabazaar.com, CredAvenue, Trade Receivables Discounting System (TReDS) platform, etc. to connect with loan customers in various segments, like retail, micro, small and medium enterprises (MSMEs), etc. as per their respective business focus. Onboarding on such credit marketplaces is done by the lenders as per their own internal approvals, the Minister stated.

State-wise details of the number of loan accounts and amount disbursed are at ANNEX.

Platform lending: final credit decisions remain with lenders who retain loan monitoring and recovery responsibilities. psbloansin59minutes.com serves as a digital credit marketplace providing a platform for speedier in principle approvals; the portal connects borrowers with participating lenders but does not underwrite loans. The final credit decision, account monitoring, NPA classification, and recovery measures are undertaken by the individual lenders, while loan appraisal and processing are performed by lenders' branches and loan processing centres; lender onboarding to such marketplaces is subject to their internal approvals.