Rs 10000000 in 59 minutes..Modi's Diwali dhamaka for you.. Know how to become crorepati

New Delhi, Nov 2: Days before Diwali, PM Narendra Modi has decided to make you a crorepati in 59 minutes. And this one is for real, and Congress will not be able to call it a jumla, like it does for the Rs 15 lakh promise PM had made during the 2014 elections. Now, we will tell you how you can become a crorepati in less than an hour.PM Modi on Friday announced a slew of measures including sanction of loans of up to Rs 1 crore to small and medium enterprises in 59 minutes through a special portal to give a boost to the nation's second biggest employing sector.GST-registered small and medium enterprises (MSMEs) can now avail of loan of up to Rs 1 crore in just 59 minutes, he said announcing the measures.Also, GST-registered MSMEs will get 2 per cent interest subvention or rebate on incremental loan of up to Rs 1 crore, he said.Interest subvention on pre and post shipment credit for exports by MSMEs has been increased from 3 per cent to 5 per cent, he said.In all 12 decisions, which he termed as "historic", were announced to boost MSMEs.  "12 new historical decisions have been taken for the small industries which are like a Diwali gift for the sector, "  he said adding that the 59-minute loan facility is one of them.Talking of India jumping 23 places on World Bank's latest 'Ease of Doing Business' ranking, Modi said in four years his government has achieved what many did not believe and achieved what no other nation in the world has done - leaping from 142 rank in 2014 to 77th rank.Breaking into top 50 rank is not far away, he said.Reform of processes will help small and medium enterprises (MSMEs), he said.  About 97 per cent of MSMEs operate in the informal sector.For the loan facility a digital lending platform has been launched using which entrepreneurs can apply for loan. For this first the applicant needs to  register on  WWW.PSBLOANSIN59MINUTES.COM . For registration one will have to share GSTN, GST User ID, Income Tax e-filing login ID password and bank statement. After logging in you will have to fill your GST detail and upload your IT details and bank statement. After which your application will be checked for frauds and credi rating. Within 59 minutes the entire process will be over and loan will be approved.   After the approval the bank men will visit your premises for physical verification. If satisfied, banks will release Rs 1 crore within 8 days. This is a joint initiative of SIDBI, SBI, PNB, Indian Banka, Vijaya Bank, Bank of Baroda. “In the digital platform, a customer has to apply online for loans.He has to fill details of Income Tax Returns, GST and the banks statement and within minutes the loan is approved without going anywhere,” Department of Financial Services Secretary Rajiv Kumar had said earlier .News24 Bureau/ PTI