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Current Affairs

National Urban Livelihoods Mission (DAY-NULM), Conferred the Prestigious SKOCH Governance Gold Award

Date: 30 August 2019 Tags: Miscellaneous

Context: Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), in a function held at the Constitution Club of India, on 29/08/2019.

For what?

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  • The award was conferred for its Portal for Affordable Credit and Interest Subvention Access (PAiSA).

Ministry:

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  • The scheme is under the Ministry of Housing and Urban Affairs.

About Portal for Affordable Credit and Interest Subvention Access (PAiSA):

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  • It was launched in Nov, 2018.
  • It is a centralized IT platform which simplifies and streamlines release of interest subvention under the Mission.
  •  It offers end to end online solution for processing, payment, monitoring and tracking of interest subvention claims from banks on a monthly basis.
  • Claims for subvention are uploaded by banks through their CBS (Core Banking Solution) in respect of the beneficiaries of the Self Employment Programme, which are verified and approved by the ULB and State concerned.
  • The approved claim amount gets credited directly to the beneficiary’s loan account through DBT mode.
  • SMS is also sent to the beneficiary’s mobile number intimating the credit of subvention amount.
  • The portal has been designed and developed through the Allahabad Bank.
  • As of now, 28 States/UTs and 74 Banks including 21 Public Sector, 18 Private and 35 Regional Rural Banks have been on boarded on the portal.
  • Till now approximately 1.50 lakh beneficiaries have been paid Rs. 27 Cr (approx.) as interest subvention through PAiSA.