State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.
With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement.
The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country.
The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth, it said.
Through this service, the loan amount will be directly credited into the borrower's current account with the bank.
Speaking at the launch of PNB GST Sahay App, the bank's MD Atul Kumar Goel said, "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 am confident that the PNB GST Sahay App will bridge the distance between the applicant/borrower and the bank," he added.
Published 30 August 2023, 11:24 IST