59-minutes loan scheme yet to make a mark, says SBI's Rajnish Kumar
Updated : August 20, 2019 12:25 PM IST
A businessman having a turnover of up to Rs 25 crore can get an in-principle approval for a loan of up to Rs 5 crore within 59-minutes under the scheme launched by Prime Minister Narendra Modi last November, SBI chairman Rajnish Kumar said.
He said up to 90 percent of MSMEs, which are called the backbone of the economy because of employing the maximum number of people, can get loans under the scheme.
Kumar said the bank is also planning to extend the scheme to car and auto loans because all the loans in this category are in the same quantum.
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