RBI panel suggests setting up web portal for quick agri loans
5 years, 4 months ago

RBI panel suggests setting up web portal for quick agri loans

Live Mint  

Mumbai: A panel set up by the Reserve Bank of India has suggested that the Indian Banks’ Association introduce a web portal on the lines of PSB Loans in 59 Minutes to allow quicker credit access for the agriculture sector. “IBA should come out with a technology driven portal for the banks to facilitate ease of credit to the farmers for agriculture and allied activities on the lines of PSB Loans In 59 Minutes to micro, small and medium enterprises,” said the report of the Internal Working Group to Review Agricultural Credit, released on Friday. The report suggested that state governments having a highly restrictive legal framework should be encouraged to reform it on basis of Model Land Leasing Act proposed by NITI Aayog or the Land Licensed Cultivators’ Act, 2011 of Andhra Pradesh to improve formal lending to tenant farmers. State governments, in turn, should give access to banks to digitized land records in order to verify land title and create charge online.

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History of this topic

What is the Unified Lending Interface by the RBI? | Explained
4 months, 1 week ago

What is the Unified Lending Interface by the RBI? | Explained

The Hindu  

The story so far: The Reserve Bank of India, as part of its strategy to create digital public infrastructure in the country, has announced that a new technology platform called the Unified Lending Interface would be introduced by the Reserve Bank Innovation Hub, Bengaluru which will enable friction-less credit to farmers and MSME borrowers to begin with. ULI is a …

Odisha CM launches first common agricultural credit portal for farmers | Details
2 years, 2 months ago

Odisha CM launches first common agricultural credit portal for farmers | Details

India Today  

In a bid to support the agricultural industry, Odisha Chief Minister Naveen Patnaik on Thursday launched a common credit portal 'SAFAL' for farmers with access to 300 term loan products. SAFAL is an abridged application for agricultural loans that will enable farmers and agri-entrepreneurs to access over 300 term loan products from more than 40 partner banks. "SAFAL is a …

Beware of illegal digital lending apps: RBI
4 years ago

Beware of illegal digital lending apps: RBI

The Hindu  

The Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps. Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on Wednesday said “members of public are cautioned not to fall prey to such unscrupulous activities.” It …

Banks start approving retail loan proposals on ’PSB Loans in 59 Minutes’ portal
5 years, 4 months ago

Banks start approving retail loan proposals on ’PSB Loans in 59 Minutes’ portal

Live Mint  

According to a statement by PSB Loans in 59 Minutes on Thursday, applicants can now get in-principle approvals from 19 PSBs, including the State Bank of India, Punjab National Bank, Bank of Baroda and Union Bank of India. This will provide the loan aspirants quick and hassle-free access to home and personal loan whether or not they have banking and …

PSU banks to introduce home, auto loans on PSB Loans in 59 Minutes portal; move aims at expanding retail business
5 years, 4 months ago

PSU banks to introduce home, auto loans on PSB Loans in 59 Minutes portal; move aims at expanding retail business

Firstpost  

Some of the banks including SBI, Union Bank of India, and Corporation Bank decided to extend in-principle approval to loans of up to Rs 5 crore through the portal. New Delhi: Public sector banks are gearing up to introduce retail products, including housing and auto loans, on ‘psbloansin59minutes’ portal with a view to expand their retail loan business. However, some …

PNB sanctions debt worth ₹689 cr to 1,600 MSMEs via 59minute loan portal
5 years, 10 months ago

PNB sanctions debt worth ₹689 cr to 1,600 MSMEs via 59minute loan portal

Live Mint  

State-owned Punjab National Bank has sanctioned loans worth ₹689 crore to over 1,600 Micro, Small and Medium Enterprises through the psbloansin59minutes.com portal as part of its effort to promote such industries. Under this initiative, the bank has sanctioned loans to over 1,600 accounts with total sanctioned amount of ₹689 crore," PNB managing director Sunil Mehta told PTI. With regard to …

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