PSB Loans in 59minutes sanctions over Rs 2.65 lakh crore for MSMEs in 7 years

New Delhi, Oct 18 (PTI) PSB Loans in 59minutes platform has sanctioned nearly three million loans, with disbursements reaching about Rs 2.65 lakh crore since its inception in 2018.

The platform facilitates loan approvals typically within one hour for amounts ranging from Rs 10 lakh to Rs 5 crore.

By connecting MSMEs with multiple public sector banks and financial institutions, it compresses a process that traditionally takes weeks into just a few hours, the platform said in a statement on Saturday.

The platform integrates critical financial data, including GST returns, income tax filings, bank statements, and credit bureau reports, through automated algorithms to rapidly assess creditworthiness, it said.

While approvals are quick, banks continue to perform comprehensive document verification to ensure due diligence and financial prudence, it said. PTI DP HVA