PSU Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices. The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth.
Through this service, the loan amount will be directly credited into the borrower’s current account with the bank.With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices. The 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.
Commenting on the launch, MD Atul Kumar Goel stated that the bank is a pioneer in serving corporates and retail while providing small loans to MSMEs and that this launch will bridge the gap between borrower and bank.
PNB has embarked upon an ambitious digital transformation program. PNB has designed more than 35 digital initiatives across lending (Retail, MSME, Agri and Corporate), liabilities, Third-party products, and Asset Quality. Of these,The Bank is “Industry Leader” in the following digital initiatives:E-OTS (Express-One Time Settlement) for E2E digital, Digital journey for New To Bank (NTB) Credit Card, Credit Card Unkage to UPI: Enablement of Credit, Credit Card against Fixed Deposit: E2E digital journey, Co-Lending portal: Simplified Straight Through, Aadhar-based registration on Mobile App PNB ONE, Fintech on-tap portal: Platform to evaluate and Bharat Bill Payment System (BBPS) for loan EMI, New TIN (Tax Identification Number) 2.0 platform
