Mains Paper 3: Indian Economy | Planning, mobilization of resources, growth, development and employment
From UPSC perspective, the following things are important:
Prelims level: About the Portal
Mains level: Facilitating MSMEs in India
- According to a report by global financial firm, Credit Suisse, the recently launched fintech portal, PSBloansin59minutes.com has, within three months, emerged as the largest online lending platform.
- It is one of its kind platforms in MSME segment which integrates advanced fintech to ensure seamless loan approval and management.
- The loans are undertaken without human intervention till sanction and or disbursement stage.
- A User Friendly Platform has been built where MSME borrower is not required to submit any physical document for in-principle approval.
- The solution uses sophisticated algorithms to read and analyse data points from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than an hour while capturing the applicant’s basic details.
- The system simplifies the decision making process for a loan officer as the final output provides a summary of credit, valuation and verification on a user-friendly dashboard in real time.
- Majority stake of SIDBI & big 5 PSBs- SBI, Bank of Baroda, PNB, Vijaya and Indian Bank.
- A first for MSME borrowers-Connect with multiple banks without visiting the branch.
- Only Platform in the market with a Banker Interface which covers the Branch Level integrations (with maker-checker-approver) in tune with current systems of PSBs.
- Only Platform that enables Bankers to create Loan Products in line with the Scoring models & assessment methods within their approved credit policy.
- Only Platform that has an integrated GST, ITR, Bank Statement Analyzer, Fraud Check and Bureau Check.