With the launch of Priority Sector Lending (PSL) system today, applying for loans under the scheme is set to become a lot easier.
The new system means less paper work and shorter loan processing time.
In the earlier system, applying for PSL scheme loan involved a lengthy process.
“Currently, applicants land up visiting firstly the dzongkhag PSL committee. Upon approval by the dzongkhag PSL committee, they have to go to financial institutes and then to the regional and trade industry offices of the Ministry of Economic Affairs (MoEA) for licensing,” Sonam Chedup, a Chief ICT Officer with MoEA, said.
“Under the new system, they can just apply once to the dzongkhag PSL committee and upon endorsement by the dzongkhag PSL committee, the PSL committee focal from that dzongkhag will process the application on behalf of the applicant,” Sonam Chedup added.
The Royal Monetary Authority’s Priority Sector Lending scheme had received 92 applications following its launch in December last year.
Sixty seven projects have been approved by seven dzongkhags as of March.
The Ministry of Economic Affairs in collaboration with the Royal Monetary Authority launched the new system.
The Government to Citizen (G2C) Office under the Cabinet Secretariat provided the fund to develop the system.
