Punjab & Sind Bank is set to launch an instant digital loan scheme for Micro, Small and Medium Enterprises (MSMEs) by the end of this month. The scheme will enable MSME borrowers to access loans of up to Rs 25 lakh through a seamless, fully digital platform, underscoring the bank’s commitment to digital transformation.
Building on its success with the PSB e-Apna Ghar and PSB e-Apna Vahan digital loan initiatives—offering in-principle approval for home and vehicle loans within 15 minutes—the bank’s new MSME scheme leverages a Straight Through Process (STP) powered by a Business Rule Engine (BRE), ensuring swift and automated processing without manual intervention.
In a further boost to its digital offerings, the bank plans to roll out digital solutions for the renewal and sanctioning of Kisan Credit Cards (KCC) next month. These solutions will allow farmers to access collateral-free loans of up to Rs 2 lakh or renew their KCC accounts instantly through a simplified online process.
Additionally, Punjab & Sind Bank is working on facilitating collateral-free loans of up to Rs 50,000 under the Pradhan Mantri MUDRA Yojana (PMMY) via its digital platform, further enhancing its support for small entrepreneurs.
These initiatives highlight Punjab & Sind Bank’s ongoing efforts to strengthen its digital banking capabilities, driving innovation and empowering diverse customer segments across the nation.
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