New Delhi: Public sector banks have approved more than 1.12 lakh loan applications of MSMEs totalling Rs 37,412 crore under the '59 minutes' loan scheme launched by the government in November.


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GST-registered micro, small and medium enterprises (MSMEs) can take loan up to Rs 1 crore in just 59 minutes through 'psbloansin59minutes.Com' portal.


Giving details about the progress of the scheme, Minister of State for Finance Shiv Pratap Shukla in a written reply to the Lok Sabha said that as on December 25, out of over 1.31 lakh applications, the state-owned banks have accorded in-principal approval to 1.12 lakh applicants.


He further said that sanctions have been made in respect of 40,669 cases totalling Rs 14,088.32 crore.


Shukla further said the government and the Reserve Bank have taken several steps to ensure access of credit to MSME sector.