New Delhi, Mar 13 (KNN) Banks have sanctioned 2,45,065 loans involving Rs 83,938 crore as of March 1 under the government and SIDBI’s 59-minute loan approval scheme for MSMEs.

This is merely a 2.2 per cent growth from 2,39,751 loans involving Rs 81,141 crore sanctioned as of April 1 in FY23, as per data from MSME Ministry, reported Financial Express.

While under the 59 minutes Public Sector Banks(PSB) loan scheme in 59 Minutes banks have sanctioned 5,314 loans in the current financial year as of March 1, 2023, showed an analysis of the official data.

In terms of disbursements, the scheme disbursed 4,089 loans with 1.83 per cent growth in loans disbursed to 2,26,778 loans involving Rs 67,847 crore till the beginning of March this year vis-a-vis 2,22,689 loans amounting to Rs 65,834 crores disbursed as of April 1 last year.

In comparison, 9,868 loans involving Rs 5,197 crore were sanctioned during FY22.

From 2,29,883 loans involving Rs 75,944 crore sanctioned as of March 31, 2021, the volume of loans sanctioned jumped 4.29 per cent to 2,39,751 loans involving Rs 81,141 crore as of April 1, 2022.   (KNN Bureau)