Get Rs 1 crore loan in 59 minutes: Modi's Diwali gift for small businesses


New Delhi, Nov 3(India Today): In a major boost to Micro Small and Medium Enterprises (MSMEs), Prime Minister Narendra Modi on Friday (November 2) launched a 59-minute loan approval process. The Prime Minister called it a big step in breaking 'silos' and a shining example of 'collective initiative'.

PM Modi said the GST-registered MSMEs will be sanctioned a loan of up to Rs 1 crore in just 59 minutes through a new portal. "Minimum government and maximum governance is the core principle of our government. This is new India where no one needs to go around government offices," he said.

As part of government's support and outreach initiative for MSMEs, PM Modi also announced a relaxation in labour laws, easier compliance with environmental rules and changes in company laws.

To rid the sector of inspector raj, Modi announced that inspections of factories in the sector will be sanctioned only through a computerised random allotment and inspectors will have to upload reports on portal within 48 hours. "No inspector can now go anywhere. He will be asked why he went to a factory," he said.

PM Modi termed the 12 new measures "historic" that will make Diwali brighter for the sector and its millions of entrepreneurs and employees.

Talking of India jumping 23 places on the World Bank's latest 'Ease of Doing Business' ranking, he said in four years his government has achieved what many did not believe and what no other nation has done leaping from 142nd rank in 2014 to 77th position.

Breaking into top 50 rank is not far away, he added.

  

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Comment on this article

  • PenMightierThanTheSword!, Mangalore

    Sat, Nov 03 2018

    The loan comes with a free Business Class ticket to Fakeistan, plus an audience and dinner with the King of Fakeistan Sri Fakendranath Narendra DarmodardASS Modi!

    DisAgree Agree [5] Reply Report Abuse

  • El En Tea, Mumbai

    Sat, Nov 03 2018

    Is it Gift
    Then why no Diwali gifts to the farmers?

    DisAgree Agree [8] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Sat, Nov 03 2018

    He will put almost all managers and top officials of the Banks in trouble. We want a change before....19.

    DisAgree Agree [4] Reply Report Abuse

  • Anilkumar, Mangalore

    Sat, Nov 03 2018

    Appears to be yet another case of facility created for all "Modies, Malyas, Ambanies, Adaanies, ..." etc. for taking poor peoples money from banks and run away. What is missing here is a "quick issue" of passports from adjacent counter so that they can run away as soon as the loan is granted.

    DisAgree Agree [12] Reply Report Abuse

  • Ranju, Udupi

    Sat, Nov 03 2018

    59 minutes for Ambani and teams... Remaining public may 59 days or 590 days.I applied mudhra loan still no response from bank all submitting proper documents.. As per banker they don't have time process a loan....

    DisAgree Agree [11] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Sat, Nov 03 2018

    All those learned Governors working at Central bank are waste..., The statement from PM is just one more jumla...!!!

    If the economy is doing good then why the people/business men want loan from the bank..., why Hindustan's NPA's, stressed loan is highest ever since independence...!!!!

    Just visit any branch near to your locality.., and ask for Branch Manager.., the officers/clerks say.., he went for loan recovery....,

    jokers .., totally lost control over economy.., situation is pathetic....,

    The only alternative is to enjoy one bye 2 chai+ pakoda...!!!!

    DisAgree Agree [12] Reply Report Abuse

  • Dev, Mangalore

    Sat, Nov 03 2018

    Where is the MONEY with the banks?
    All the Bhais will get them & scoot to UK or Antigua
    Health Insurance for all when it was announced, but it got little money by center & only for those people who are BPL or who didn't have 2 wheeler or bla bla blah.
    A Unity Statue got erected & it might take 120 years to recover the expenses if it lasts till then!
    Now 4000 crores for Kumbh in Prayag, who knows who will be the beneficiary of these splurge of money, just like Ganga clean up in thousands of crores but no result on the ground.

    DisAgree Agree [13] Reply Report Abuse

  • Naveen, Mangalore

    Sat, Nov 03 2018

    Modi haters should not avail this and show they really hate them from heart......

    DisAgree [2] Agree Reply Report Abuse

  • praveen, mangalore

    Sat, Nov 03 2018

    59 minutes for small business and 59 seconds for big business.. Modi Mantra

    DisAgree [3] Agree [30] Reply Report Abuse

  • Ahmed K.C., Mangalore

    Sat, Nov 03 2018

    I checked the portal.
    It's again for those who already have established business.
    Who is already paying GST
    Who is having good turnover since sometime.

    Through this, "maaldar" will be more "maaldar"
    "Bechaara" will be more "laachar"

    DisAgree [3] Agree [27] Reply Report Abuse

  • praveen, mangalore

    Sat, Nov 03 2018

    When can we expect a big U Turn??

    DisAgree [1] Agree [22] Reply Report Abuse

  • Praveen, udupi

    Sat, Nov 03 2018

    Is this possible in India to get a loan of 1 crore in 59 Minutes. PM should have some limits in telling jokes.

    DisAgree [2] Agree [33] Reply Report Abuse

  • geoffrey, hat hill

    Sat, Nov 03 2018

    Are bahi, fenkne mein kyaa hai?

    DisAgree [2] Agree [24] Reply Report Abuse

  • mohan, Mangalore

    Sat, Nov 03 2018

    It also janardana poojaries loan mela....... banks are waiting for another brankruptsy....

    DisAgree [2] Agree [13] Reply Report Abuse

  • SHEHENSHA, KARKALA

    Sat, Nov 03 2018

    MODIJI MAIN AAPKA BHAKT HUN ...PAR MERE 15 LAKHS KAB AAYENGE MODIJI

    DisAgree [4] Agree [26] Reply Report Abuse

  • Peter, Udupi

    Sat, Nov 03 2018

    He is a PM or Bank sales rep?

    DisAgree [2] Agree [28] Reply Report Abuse

  • El En Tea, Mumbai

    Sat, Nov 03 2018

    Can be trusted?
    For one crore loan what is the procedure and repayment interest?

    DisAgree [1] Agree [18] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Sat, Nov 03 2018

    Dear Readers
    I am not a BJP politician nor relative of PM
    But please note that all these benifits can be availed by you if you are having a small business or your owner can avail if he is having the same
    Remember all those who big politicians who are criticizing Modi are having big big cases against them and they have to hurl abuses on Modi govt so that they can tell people hey look my case is a Vandetta bla bla
    We dont have such cases on us why should we support those corrupt ?
    Instead lets keep away from hurling abuses on Modi so that we will have free mind to avail benifits .Because if you fill your mind with vengeance then your mind prevents you from getting those facilities
    after all Modi is the PMofIndia aPM

    DisAgree [40] Agree [15] Reply Report Abuse

  • Mangalurian, Mangaluru

    Sat, Nov 03 2018

    Like the many other feel-good promises of the Gujju-bhai, this one too is totally undependable.

    Just imagine, if 100,000 people apply and successfully receive 1 crore each, there goes the 100,000 crores.

    But the Central Government does not have that kind of spare money. The Central Government did not have the money for the Kerala natural disaster.

    But somebody has to pay!

    Obviously that somebody is the taxpayers.

    Moral of the story: one small unpleasant truth is better than a thousand lies by a politician.

    DisAgree [3] Agree [16] Reply Report Abuse

  • SJM, Mangalore

    Sat, Nov 03 2018

    Dr. Kamat
    Can you please tell me how much I have to pay under the table to avail this 59 minutes process 1 CR loan?
    India jumping 23rd places to world bank ease of the business ranking then why our banks are bleeding position currently?
    Poor people still waiting for 15 Lakhs which was promised. Where is it? We are fed up with these fake news to get votes.

    DisAgree [3] Agree [16] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Sat, Nov 03 2018

    Do you still believe what feku says?

    DisAgree [7] Agree [33] Reply Report Abuse

  • Ranganath, Belman Karkala

    Sat, Nov 03 2018

    Good announcement from modi as election is approaching. Good oratory skills Modiji. Nobody will believe you now.

    Those who want 15 lacs from Modi apply for this loan. Don’t forget to return 85 lakhs. Don’t make make our 85banks Diwala thru Modi’s Diwali gift.

    DisAgree [2] Agree [35] Reply Report Abuse

  • Mangalurian, Mangaluru

    Sat, Nov 03 2018

    I think it is time for me to move to Antigua.

    If I spend just 59 minutes of my time, I get 1 crore.

    In today's currency exchange, RooPee 1 crore equals USD 137,145.

    A search in google propped up "Cost of Antigua-Barbuda citizenship reduced to US$100,000". The article has all the answers I was looking for.

    I have started packing my bags.

    DisAgree [4] Agree [24] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangalore

    Sat, Nov 03 2018

    Better we not misuse bank public funds for the political purposes.

    DisAgree [1] Agree [19] Reply Report Abuse

  • David Pais, Mangalore

    Sat, Nov 03 2018

    where is my 15 lakhs????????? don't run after giving petty, pity loan.

    DisAgree [7] Agree [22] Reply Report Abuse

  • Albert, Mangalore

    Sat, Nov 03 2018

    Once Potato pappu gets PM post by hook or crook, you will get 15 lakhs of gold coins which is made by His Potato machine!Good luck!

    DisAgree [23] Agree [10] Reply Report Abuse

  • Ahmed K.C., Mangalore

    Sat, Nov 03 2018

    Quote, "PM Modi said the GST-registered MSMEs will be sanctioned a loan of up to Rs 1 crore in just 59 minutes through a new portal"

    Where is the new portal ??????
    Is this real or just "Mann ki Baat"????

    I wish Modi govt achieve top 10 rank in ease of doing business. My vote is for MODI.

    DisAgree [3] Agree [19] Reply Report Abuse

  • francis lobo, Mangalore

    Sat, Nov 03 2018

    Great. This reminds me of the loan melas of Janardhan Poojary when he was minister of state for finance in central Govt. People took the loans and never returned. It was 1 lac during that time. The 1 crore in 59 mins is a big boon to the share market traders. Start a samll company with any name .Take 1 crore from the govt. Put it in Share market. If you get profit then profit if loss then loss. The scheme needs to be extended to small farmers who will greatly benefit from this than taking money from money lenders.

    DisAgree [2] Agree [15] Reply Report Abuse


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