Business and Economy Current Affairs - 2019

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NPCC conferred Miniratna Category–I status

Union Government has conferred status of Miniratna: Category–I to National Projects Construction Corporation Limited (NPCC). The empowerment of miniratna status to NPCC will help company to take speedy decisions by enhancing delegation of powers to Board.

National Projects Construction Corporation Limited (NPCC)

NPCC is schedule ‘B’ Central Public Sector Enterprise (CPSE) under administrative control of Ministry of Water Resources. It incorporated in 1957. It is premier construction company having mandate with creation of infrastructure to provide impetus for economic development of the country. It also has been awarded ISO 9001:2015 Certification. NPCC is making continuous profit since 2009-10 and is having positive networth for last six years. It has ambitious business plan with enhanced order book position of Rs. 11833 crore.

Background

Department of Public Enterprises under Ministry of Heavy Industries & Public Enterprises grants status of Maharatna, Navratna, and Miniratna to Public Sector Undertakings (PSUs) and Central Public Sector Enterprises (CPSEs) based upon profit made by these enterprises. These statuses give financial and administrative power to the companies to a certain extent. At present there are total 8 Maharatna, 16 Navratna, 60 Miniratna Category-I and 15 Miniratna Category-II CPSEs.

Month: Categories: Business, Economy & Banking

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Finance Ministry launches web portal to grant loans to MSMEs within hour

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.

Month: Categories: Business, Economy & Banking

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