The government is planning to launch a common portal – ‘Jan Samarth’ to deliver different schemes run by various ministries and departments to improve the ease of living of citizens. Initially, the portal plans to onboard 15 credit-linked government schemes as part of the government’s vision of minimum government maximum governance.
The portal offerings will gradually expand depending on the compatibility since some centrally sponsored schemes involve multiple agencies. For example, different ministries administer the schemes like the Credit Linked Capital Subsidy Scheme (CLCSS) and Pradhan Mantri Awas Yojana.
The portal intends to bring the various government schemes into a single platform so that the beneficiaries can access them without much hassle. The portal is in the pilot testing stage, and the loose ends are being tied up before its launch. The State Bank of India (SBI) and other lenders are testing the portal. Sources stated that the portal would have an open architecture enabling institutions and state governments to onboard their schemes in future.
The government launched the loans in 59 minutes portal in 2018 for various kinds of credit products, including home, personal, auto and MSME loans. The portal provides in-principle approval of loans for the Micro, Small and Medium Enterprises (MSMEs) and other borrowers in 59 minutes by different state-owned banks compared to the earlier 20-25 days turnover time.
After receipt of the in-principle approval letter, the disbursement of the loan takes place in seven to eight working days. The portal processes loan applications till the sanction stage without human intervention.
An MSME borrower need not submit any physical document for the in-principle loan approval. Instead, the portal analyses data points based on advanced algorithms from several sources such as GST data, income tax returns, bank statements etc.
Within two months of launching the loans in 59 minutes portal, state-owned banks gave in-principle approval to 1.12 lakh MSME loan applications, totalling Rs.37,412 crore. There is an expectation that the Jan Samarth portal would similarly help the citizens by quickly processing and delivering government scheme benefits to the beneficiaries.
For any clarifications/feedback on the topic, please contact the writer at mayashree.acharya@cleartax.in
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