Mar 15: Since the inception of the psbloansin59minutes.com portal on 25.9.2018, till 28.2.2022, 2,01,863 proposals amounting to Rs. 39,580 crore have been disbursed in the business loan category and 17,791 proposals amounting to Rs. 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 a 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 assets (NPA), is also done by the lenders. Details of the same are not centrally maintained.
On the handling of loans, the Minister stated that loan appraisal and processing are carried out by respective branches and loan processing centers 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.
****Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.