The Punjab National Bank announced launch of a smartphone application based on GST Sahay scheme, an end-to-end digital product that allows lending to be done using GST invoices.
Reetu | Aug 31, 2023 |
PNB launches PNB GST Sahay app to enable MSMEs access instant loans based on GST invoices
The State-owned Punjab National Bank (PNB) announced on Wednesday the launch of a smartphone application based on the GST Sahay scheme, an end-to-end digital product that allows lending to be done using GST invoices.
With this accessibility, PNB has become the first public sector bank to enable frictionless credit flow to MSMEs utilising GST invoice, according to a statement from the bank.
The project also aligns with the bank’s aim to advance the country’s MSME sector and digital credit ecosystem.
The PNB GST Sahay App digitises the whole loan process, eliminating any human interaction for borrowers and making the process more cost-effective, fast, and easy.
The loan money will be instantly deposited into the borrower’s bank account using this service.
The bank’s MD, Atul Kumar Goel, stated during the launch of the PNB GST Sahay App, “our bank has been a pioneer in serving top industrialists as well as the masses and providing small loans to non-corporate/farm and non-farm to MSMEs.”
“I have no doubt that the PNB GST Sahay App will bridge the gap between the applicant/borrower and the bank,” he added.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
