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New Delhi: Punjab National Bank (PNB) has launched PNB GST Sahay App, a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done on the basis of GST invoices.
With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices. This 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 most significant feature of PNB GST Sahay is that the entire loan process journey is digitised. This helps eliminate any sort of manual intervention for the Borrowers and makes the process much more cost-effective, quick and smooth. Through this service, the loan amount will be directly credited into the borrower’s current account maintained with the bank.
Speaking at the launch of PNB GST Sahay App, the bank’s MD and CEO said, “A rapid Fintech growth is redefining the way we do banking. Newer types of credit facilities are being offered to customers through a number of emerging digital solutions. With the help of technology, several issues of assessment, market report, and appraisal concerns can now be answered in a few clicks, thereby eliminating any bottlenecks. We, at PNB, too are working towards digitising our credit journey to the maximum possible extent by employing the latest available technological advancement.”
All the GST-registered MSME business entities having an active account with PNB are eligible for the PNB GST Sahay service.