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It took about four months to develop the online system
It took about four months to develop the online system

Priority Sector Lending goes online 

To increase service delivery efficiency, an online system for Priority Sector Lending (PSL) went live yesterday.

It can be accessed online through the economic affairs ministry’s website http://202.144.157.73/PSL/. The online system can however, be accessed after the client avails an application number.

Clients need to go to the dzongkhag PSL committee with an application first, after which the other processes would be done online. “The client may also require to visit banks but the hassle of carrying documents would be reduced,” Chief ICT officer, Sonam Chedup with the economic affairs said.

He said that the economic affairs ministry’s ICT division in collaboration with the department of cottage and small industries (DCSI) and vendor NGN developed the system. “We initiated the online system because principal licensing details are with us.”

Besides helping people go paperless, the system would also ease the process to apply for loans or go from one office to another, he said. “We expect that people do not have to travel at least. Although it’s not been optimised yet, there is definitely the need to enhance system.”

Financial institutes can have access to information required to get loans online through an application number.

Royal Monetary Authority (RMA) governor, Dasho Penjore, said that although RMA initiated the scheme, there was support from agencies and stakeholders concerned. “When we look at the work today, it may appear as minimal but in five or ten years from now, we expect the outcome to be really fulfilling.”

Economic diversification is given utmost priority and it is shown in the efforts made to expand Cottage and Small Industries, he said. “The intervention of bringing the PSL online makes sense, as the country is moving towards a digital society.”

It was learnt that RMA would conduct review of the PSL clients that have availed of loans and meet these individuals to hear about their problems, advantages and seek feedback on their services to facilitate the process.

Dasho Penjore said that RMA would monitor the PSL on the approval and disbursable loan aspects along with how the clients were doing on the loan repayment front.

An official from the economic affairs ministry said that CSI was a strategic economic asset in diversification of the economy. “CSIs today face challenges that impede fuller development and limits meaningful contribution towards the national goal. One such challenge is access to finance.”

Rinchen Zangmo 

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