New Delhi, Oct 9 (KNN) Amaravati circle of Andhra Bank has recently joined the online portal created for public sector banks to sanction MSME loans from Rs 10 lakh to Rs 1 crore without collateral security within an hour of receiving applications.

Through the web portal (www.psbloansin59minutes.com) loan seeking entrepreneurs can avail loans in 59 minutes which was introduced by the central government to push MSMEs sector loans through state owned banks.

Addressing media after inaugurating 102nd ATM of the bank in Visakhapatnam zone on the Ramakrishna Mission premises here, Circle General Manager K.S.D. Siva Vara Prasad said that they are expecting to receive 500 applications in the State by month-end.

Prasad said they had sanctioned Rs 8,000 crore till date to MSMEs under MUDRA and other schemes.

Through this portal they are confident of achieving an incremental growth by 20% during current fiscal year.

Utmost important have been given to priority sector lending like agriculture, food processing industry and MSME sectors, said Prasad.