PM Modi launched portal for granting loans of up to Rs 1 crore in 59 minutes

Posted on:03 Nov 2018 12:32:22
PM Modi launched portal for granting loans of up to Rs 1 crore in 59 minutes
03 November 2018 Current Affairs: GST-registered Micro, Small and Medium Enterprises (MSMEs) can now avail of loan of up to Rs 1 crore in just 59 minutes.

Over 72,000 MSMEs have been sanctioned loans worth over ₹23,500 crore through the portal till date.

Further, the mandatory sourcing limit by state-run companies from MSMEs has been increased to 25% from the previous 20%.

Modi added that companies above a Rs 500 crore will now have to compulsorily be a part of TReDs (Trade Receivables Discounting System), which will also include PSUs.
GST-registered Micro, Small and Medium Enterprises (MSMEs) can now avail of loan of up to Rs 1 crore in just 59 minutes.

Over 72,000 MSMEs have been sanctioned loans worth over ₹23,500 crore through the portal till date.

Further, the mandatory sourcing limit by state-run companies from MSMEs has been increased to 25% from the previous 20%.

Modi added that companies above a Rs 500 crore will now have to compulsorily be a part of TReDs (Trade Receivables Discounting System), which will also include PSUs.

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