Deendayan Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), a flagship mission under the Ministry of Housing and Urban Affairs has been conferred the prestigious SKOCH Governance Gold Award for its Portal for Affordable Credit and Interest Subvention Access (PAiSA)in a function held at the Constitution Club of India, here today.
Launched in November 2018,PAiSA 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.