Govt launches `Paisa' portal for affordable credit and interest subvenion access
27 November 2018
The government on Monday launched a centralised electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM), called `Paisa’.
PAiSA, or `Portal for Affordable Credit and Interest Subvention Access’, is a web platform designed and developed by Allahabad Bank, which is the nodal bank. All 35 states/union territories and all scheduled commercial banks, RRBs and cooperative banks are expected to be on board the `Paisa’ portal the year-end.
Launching the portal, Durga Shankar Mishra, secretary, ministry of housing and urban affairs, said `Paisa’ is yet another effort by the government to connect directly with the beneficiaries, ensuring that there is greater transparency and efficiency in delivery of services.
DBT of subvention on monthly basis under DAY-NULM will give the necessary financial support to small entrepreneurs in a timely manner, he said.
The portal was launched during the course of a day-long National Workshop on Municipal Finance and Urban Planning organised by the ministry of housing and urban affairs and provided a platform to identify key areas of concern regarding municipal finance and urban planning, and exploring the options available to resolve them by inviting senior officials/experts to shed light on best practices.