Business Finance- PSL system to reduce unnecessary paperwork

With the launch of  Priority Sector Lending (PSL) system today, applying for loans under the scheme is set to become a lot easier.

Hon’ble Dasho Governor, Royal Monetary Authority, officially launched the PSL system officially on 5th November 2018 at FITI. The launch was also graced by the Hon’ble Dasho Secretary, Ministry of Economic Affairs, Senior officials of the Ministry, CEOs of the financial institutions and focal persons of the PSL scheme.

The online PSL system for application, appraisal and approval of PSL loans have been developed and made operational as a result of concerted effort by the Ministry in coordination and collaboration with the G2C office, Cabinet Secretariat, the Royal Monetary Authority and Financial institutions. The Department of Cottage and Small Industry (DCSI) tested the system in collaboration with the ICT division of Ministry of Econonic Affairs. The system was demonstrated to the financial institutions and Dzongkhag PSL committees. During the launch, the Chief ICT officer made a presentation on the flow of the system.

The system linked to the existing G2C system will support and facilitate submission of applications and in operationalising the PSL scheme. The online system will not only facilitate the applicants but also help the relevant service providers in fulfilling the expected PSL scheme.

The system shall supplement to the RMA’s PSL scheme in easing processes and further improving access to credit to the cottage and small industries.