Fresh concerns have emerged over the efficiency of the scheme itself, with multiple complainants on social media saying that while they paid the application fee and got an in-principle approval, banks have either refused to sanction the loans nor have asked for collateral.
Applicants reported being turned down by banks because of inadequate CIBIL scores despite the portal deeming them fit to receive funds.
According to banking sources, the portal had granted in-principle approvals to 31,000 applicants out of 60,000.
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