PAiSA portal launched for processing interest subvention on bank loans to beneficiaries

To connect directly with beneficiaries and ensure there is greater efficiency in the delivery of services, a portal for processing interest subvention on bank loans under the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission was launched on November 26 by the Ministry of Housing and Urban Affairs.

The  centralised electronic platform titled PAiSA or Portal for Affordable Credit and Interest Subvention Access was launched at a workshop on Municipal Finance and Urban Planning organised by the ministry in the Capital on Monday.

The portal has been designed and developed by the Allahabad Bank, which is the nodal bank.

As many as 25 states are on board currently. 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 by the end of December, said Durga Shankar Mishra, secretary, Ministry of Housing and Urban Affairs.

“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," he said.