A centralized electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana - National Urban Livelihoods Mission (DAY-NULM) named "PAiSA - Portal for Affordable Credit and Interest Subvention Access", was launched yesterday. The web platform has been designed and developed by Allahabad Bank which is the Nodal bank. 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.

All 35 states / UTs & all scheduled commercial banks, RRBs and Cooperative Banks are expected to be on board the PAiSA portal the year end.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)