Adopt one step process to sanction loans, says Prakash Javadekar

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Pune | Published: October 16, 2017 11:56:18 PM

Union Minister for Human Resource Development Prakash Javadekar today appealed to the bank officials to adopt a one-step process to sanction loans so that borrowers are not inconvenienced.

Prakash Javadekar, Adopt one-step process, Mudra promotion campaign, MUDRA Promotion CampsPrakash Javadekar was speaking at a Mudra promotion campaign, organised here. (Image: PTI)

Union Minister for Human Resource Development Prakash Javadekar today appealed to the bank officials to adopt a one-step process to sanction loans so that borrowers are not inconvenienced. Javadekar was speaking at a Mudra promotion campaign, organised here. MUDRA Promotion Camps are being arranged at 50 locations throughout the country to reach out to people and facilitating various modes of digital payments enabling users to transact anytime from anywhere and create awareness on various financial inclusion instruments.

“Banks should adopt a one-step process of sanction of loans so that the borrowers are not inconvenienced. The first itself, the borrower should be given a list of documents needed for loan processing,” said Javadekar. Talking about the success of Mudra scheme, Javadekar said in last three years, eight crore people have been benefitted with Mudra scheme as loan worth Rs 4 lakh crore has been distributed.

“In Mudra Scheme, one gets a loan on the basis of his or her skills and there is no need of any guarantor. The output of the Mudra is that there are several people, who became an employer and providing employment to others,” said Javadekar. He said that there are people in the country who are saying ‘where is employment’. “I would like to ask such people to go and meet the beneficiaries of Mudra scheme and listen to their success stories,” he said.

He added that poor people never indulge in the theft. “They repay their loans on time because they are honest and now honesty is getting rewarded in Modi government. We are trying to bring transparency so that marginalised will get justice and middlmen will get punished,” said the minister. Pune Guardian Minister Girish Bapat said the borrowers must also behave responsibly and repay bank loans within stipulated time so that others will also be benefitted.

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