It wasn't immediately clear which lenders have been earmarked for the fast-track loans.
"As we speak, somewhere in the country your entrepreneurial brother or sister is getting a loan ... sanctioned in just 59 minutes," Modi said. "Think, only 59 minutes. Just 59 minutes."
The announcement is a counter to overtures to small businesses already made by the opposition Congress party. Congress leader Rahul Gandhi said in August he would seek to shift the focus of the country's economic policy towards supporting small and medium-sized firms if the opposition won power in next year's election.
($1 = 72.4350 Indian rupees) (Reporting by Manoj Kumar Edited by Martin Howell)
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