Public sector banks have approved more than 1.12 lakh loan applications of MSMEs worth of 37,412 crore rupees under the ’59 minutes’ loan scheme launched by the government last month.

GST-registered Micro, Small and Medium Enterprises (MSMEs) can take loan up to one crore in just 59 minutes through ‘psbloansin59minutes.com’ portal.

In a written reply to a question in the Lok Sabha, Union Minister of State for Finance Shiv Pratap Shukla said that as on 25th of this month, out of over 1.31 lakh applications, the state-owned banks have accorded in-principal approval to 1.12 lakh applicants.

He also said that sanctions have been made in respect of 40,669 cases totalling over 14 thousand crore rupees.

Mr Shukla said the government and the Reserve Bank have taken several steps to ensure access of credit to MSME sector.