Question. Which of the following ministry have started the web portal initiative of Psbloansin59minutes.com ?
(A)Ministry of Finance
(B)Ministry of telecom
(C)Ministry of trade and commerce
(D)Ministry of civil aviation
Answer. A
Related facts-
- Union minister of corporate affairs Mr. Arun Jaitly has launched a web portal which is a transformative initiative in MSME credit space.
- It has following features-
- Major stockholders including- SIDBI, SBI, Bank of Baroda, vijaya bank and Indian bank.
- Loan to MSME sector upto 2 crore without nay collateral
- Integrated advanced fintech to ensure seamless loan approval (loan without human intervention till sanction and disbursement)
- Loan time has been reduced from 20-25 days to mere 59 minutes(get approved in 7-8 days)
- Use algorithms to read and analyse data points from IT returns, GST data, bank statements, MCA21 etc. to capture basic details.
- A first for MSME borrowers-Connect with multiple banks without visiting the branch.
- MCA21 is an e-Governance initiative of Ministry of Company Affairs (MCA), Government of India that enables an easy and secure access of the MCA services to the corporate entities, professionals and citizens of India
BY Ramayan Upadhyay
Links-
http://vikaspedia.in/e-governance/national-e-governance-plan/mission-mode-projects/mca-21
http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1547245