Source: Mint
Context:
The Department of Financial Services (DFS), under the Ministry of Finance, has launched the Startup Common Application Journey on the Jan Samarth portal, aimed at streamlining credit access for startups across India.
Key Features
- Integrated Digital Platform:
- Provides a single-window application for loans across all Public Sector Banks (PSBs).
- Integrates multiple data sources including PAN, GST, Udyam registration, ITRs, and credit bureau records.
- Enables loan application, comparison of offers, and real-time tracking of applications.
- Loan Facility:
- Loans up to â‚ą20 crore under the Credit Guarantee Scheme for Startups (CGSS), managed by the Department for Promotion of Industry and Internal Trade (DPIIT).
- Special interest concessions for women entrepreneurs to encourage inclusivity.
- Eligibility Criteria for Startups:
- Startup must be less than 10 years old.
- Annual turnover should not exceed â‚ą100 crore.
- Development and Launch:
- Developed by Indian Banks’ Association in collaboration with PSB Alliance.
- Launched by M. Nagaraju, Secretary, DFS.
- Part of the Jan Samarth portal, operational since June 2022, a one-stop platform for credit-linked government schemes.
