NEW DELHI: In a bid to bolster credit rating advancement, the Finance Ministry is planning to extend the scope in the recently introduced portal that permits MSMEs to get a bank loan of up to Rs one crore inside an hour or so, a senior Formal explained. "We now have begun this web portal for MSME borrowers but likely forward more mortgage items could well be onboarded about the portal. It could involve individual bank loan, household bank loan and so forth," economic companies secretary Rajiv Kumar advised PTI. Based on the expertise of this automatic mortgage processing program, other products may be onboarded, he claimed, introducing "contactless banking will likely be the new paradigm mainly because it fosters transparency". Talking regarding the new portal introduced by finance minister Arun Jaitley very last 7 days, Kumar explained it should help strengthen credit score movement to the MSME sector that's the backbone with the place's financial system with regard to output, exports and work technology.
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