NEW DELHI: Inside of a bid to bolster credit rating progress, the Finance Ministry is planning to increase the scope from the not too long ago introduced portal that permits MSMEs to acquire a bank loan of up to Rs one crore in an hour or so, a senior Formal mentioned. "We have now started off this Internet portal for MSME borrowers but heading ahead extra loan merchandise could well be onboarded on the portal. It may incorporate particular loan, household loan etc," financial expert services secretary Rajiv Kumar informed PTI. Based upon the practical experience of the automatic financial loan processing procedure, other products and solutions could possibly be onboarded, he reported, including "contactless banking will be the new paradigm since it fosters transparency". Speaking concerning the new portal launched by finance minister Arun Jaitley final week, Kumar explained it might help make improvements to credit rating stream towards the MSME sector that is the backbone of the country's financial state with regard to output, exports and work technology.
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