'PAiSA' to bring greater transparency in interest subvention on bank loans

A portal for processing interest subvention on bank loans to beneficiaries under the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission was launched by the Ministry of Housing and Urban Affairs here on Monday.

The centralised electronic platform named 'PAiSA – Portal for Affordable Credit and Interest Subvention Access' has been designed and developed by the Allahabad Bank, which is the nodal bank.

"PAiSA is yet another effort by the government to connect directly with the beneficiaries, ensuring that there is greater transparency and efficiency in the delivery of services. Direct Benefit Transfer of subvention on monthly basis under DAY-NULM will give the necessary financial support to small entrepreneurs in a timely manner," said Durga Shankar Mishra, secretary, Ministry of Housing and Urban Affairs.

All 35 states and Union Territories and all scheduled commercial banks, Regional Rural Banks (RRB) and cooperative banks are expected to be on board the PAiSA portal the year-end, said a statement from the ministry.

The portal was launched during the course of a day-long National Workshop on Municipal Finance and Urban Planning organised by the ministry.

More than 300 delegates comprising officers from states, urban local bodies, town planning offices across the country and banks participated in the workshop.