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RBI recommends providing a loan of 5 crores in just 59 minutes in order to start a new business.

August 6, 2019
RBI recommends providing a loan of 5 crores in just 59 minutes in order to start a new business.

You do not have a GSTN number. You do not even have a PAN card. Even then, the government can provide you with a loan of up to five crore rupees to start a new industry. The Committee of Reserve Bank of India (RBI) has been recommended for the improvement in small, medium and small industries (MSME). The RBI has released the report on Tuesday.

In the report, the committee has also suggested making a Rs 5 thousand crore fund for small industries. The committee has stated the need for insurance cover for employees working in the MSME sector. Textile Up-gradation Fund scheme has also been made for MSME The committee, headed by former SEBI president UK Sinha, has recommended a radical change in the MSME sector. The committee has told many problems due to the closure of industries and restrictions like plastic ban and dumping.

Therefore, to reinvent these industries, there is a significant suggestion for bringing new arrangements like textile up-gradation fund scheme. Also, read Big mistake by Bill Gates, otherwise today Microsoft would be the world's largest company PSB Loans in 59 Minutes should increase the scope The committee believes that the loan scheme is a good step in 59 minutes.

Therefore, its limit should be increased to Rs. 5 crores from Rs.

1 crore Under this scheme, it is necessary to set up new ventures. Therefore, it is important to note that those who do not have GST, Incom Tax Returns, such documents are not to be constituted. The provision should be settled within 7 to 10 days.

Schemes like Money and Startup India should also be on the portal. It is worth mentioning that on November 2, 2018, Prime Minister Narendra Modi launched this portal. Read also: New Generation of Arman, earning money by doing business rather than a job, interested in baking back the society Need to expand SIDBI The Committee also recommended to expand the role of SIDBI, a leading organization responsible for the development of the MSME sector. SIDBI should control private lenders like non-banking financial companies (NBFCs) and Micro Finance Institutions (MFIs).

SIDBI should work in easing access to credit markets for MSMEs in backward districts and areas. Apart from debt, SIDBI should help industries to raise money through new measures.

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