Arun Jaitley Current Affairs - 2019
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Union Finance Minister Arun Jaitley launched portal www.psbloansin59minutes.com to enable micro, small and medium enterprises (MSMEs) to get in-principle approval of loans within hour without need for branch visit.
The web portal will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs). It also simplifies decision making process for loan officer as final output provides summary of credit, valuation and verification on a user-friendly dashboard in real time.
PSB loans in 59 minutes Portal
The portal is strategic initiative of SIBDI led five PSB consortium incubated under aegis of Department of Financial Services (DFS), Ministry of Finance. It sets new benchmark in loan processing and reduces turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.
The portal integrates advanced fintech to ensure seamless loan approval and management in MSME banking credit space. The loans under it are undertaken without human intervention till sanction and or disbursement stage. It has User Friendly Platform, which omits need for physical submission of any physical document for in-principle approval.
It also uses sophisticated algorithms to read and analyse data points of MSME borrower from various sources such as IT returns, GST data, bank statements, MCA21 etc. in less than hour. It also captures applicant’s basic details using smart analytics from available documents.
The 27th meeting of GST Council chaired by Finance Minister Arun Jaitley has approved proposal of convert GST Network (GSTN) into government entity from current private entity status by taking over stakes held by private entities. The council has agreed to buy out stake of private entities in GSTN. Following the move, central government will own 50% in GSTN and the remaining will be collectively held by state governments.
Majority of Goods and Services Tax (GST) processes including registration, filing of returns, payment of taxes, processing of refunds is IT driven and mainly through GSTN. For this, GSTN handles large-scale invoice level data of lakhs of business entities including data relating to exports and imports. Considering nature of state function performed by GSTN, it was felt that the network should be converted into fully government-owned company.
Goods and Services Tax Network (GSTN)
GSTN was set up as not for profit, non-Government, private limited company in 2013. It was established primarily to provide IT infrastructure and services to Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST). Currently its 24.5% is owned by central government and similar percentage is held by state governments collectively. The remaining 51% I owned by five private financial institutions- ICICI Bank, NSE, HDFC Ltd, HDFC Bank and LIC Housing Finance Ltd. Its revenue model after Goods and Services Tax (GST) was rollout out consisted of User Charge to be paid by stakeholders who will use the system and making it self-sustaining organization.