On Monday, Kotak Mahindra Bank announced that they will join the psbloansin59.minutes.com platform and will offer loans up to Rs.1 crore to micro, small and medium enterprises (MSME). The psbloansin59.minutes.com was launched by Chief Minister Narendra Modi as an initiative by the Government of India to kick start and promote business ventures of micro, small and medium enterprises in the country.
By joining the psbloansin59.minutes.com platform, Kotak Mahindra Bank becomes the first private lender offering credit under the MSME scheme. The scheme is designed to offer loans to micro, small and medium enterprises under an hour and offer loan disbursals up to Rs.1 crore. Once the candidate requests for a loan, he/she will get the eligibility letter, loan approval and the loan amount within an hour. The Senior Executive Vice President of Kotak Mahindra Bank, Ambuj Chandna, said the bank is delighted to have joined the scheme that will allow micro, small and medium enterprises (MSME) to easily avail loans from Kotak Mahindra Bank.
According to a report compiled by Credit Suisse, the platform psbloansin59.minutes.com which was launched by Narendra Modi has already approved loans in excess of Rs.300 billion and has disbursed loans to micro, small and medium enterprises (MSME) amounting to around Rs.250 billion in just 90 days.
Source: Financial Express