Modi govt launches PAiSA, Portal for Affordable Credit, to connect directly with loan beneficiaries

In a bid to connect directly with beneficiaries, ensuring greater transparency and efficiency in delivery of services, the PM Narendra Modi  government has launched PAiSA – Portal for Affordable Credit and Interest Subvention Access. The centralized electronic platform for processing interest subvention on bank loans to beneficiaries has been launched under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM), said government statement, adding that the web platform has been designed and developed by Allahabad Bank, which is the Nodal bank.
 
Notably, all 35 states/ UTs 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”.
 
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. 
 
More than 300 delegates comprising officers from the states, Urban Local Bodies, Town Planning Offices across the country and banks participated in the workshop.