Prime Minister Narendra Modi had announced that Rs 1 crore loans for small and medium scale industries will be sanctioned within 59 minutes through a portal. The portal was set up by Capita World Platform Private Limited. Several businessmen have applied for loans through Capita World by paying the processing fee of Rs 1,180. They got a message of loan in-principal was approved. But, the banks have asked them to provide security for Rs 1 crore loan. Now, the processing fee collected by Capita World is estimated to be Rs 1,000 crore.
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