PSL for powerful, flexible
With the growth of digital channels, an online application for Priority Sector Lending (PSL) System was launched on 5 November at Financial Institution Training Institute (FITI) in Thimphu.
The online system is expected to deliver the public service efficiency and reduce the paper work.
With the launched of an online service, the client wishes to avail themselves of the service under PSL scheme is set to become easier without having to go to the office.
The system linked to the existing G2C system is expected to support and facilitate submission of applications and in operationalising the PSL scheme.
According to the press release from the Ministry of Economic Affairs (MoEA), the online system will facilitate the applicants and 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.”
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, RMA and Financial institutions.
The Department of Cottage and Small Industry tested the system in col- laboration with the ICT division of Ministry of Econonic Affairs.
Besides, the system was demonstrated to the financial institutions and Dzongkhag PSL committees. The press release states, “During the launch, the Chief ICT officer made a presentation on the flow of the system.”
Dasho Penjore, Governor for RMA launched the online application. The event was attended by the secretary for the MoEA with senior officials, CEOs of the financial institutions and focal persons of the PSL scheme.