The Government of India in association with Allahabad has launched PAiSA Portal to provide quick bank loans & interest subsidies. PAiSA stands for (Portal for Affordable credit and Interest Subvention Access). It is an official and centralized website for the processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM). Allahabad bank is the nodal bank and they have developed this web platform.
All 35 state banks, union territory banks, scheduled commercial banks along with RRBS/Cooperative Banks will be part of the Paisa portal soon. The efforts is lead by the Ministry of Housing and Urban Poverty Alleviation.
PAiSA Portal Objectives & Benefits
- A government platform to directly connect to beneficiaries
- To provide transparency and convenience and efficiency in delivery of services
- To provide necessary financial support to the small entrepreneurs in timely manner
PAiSA Portal – Portal for Affordable credit and Interest Subvention Access
The paisa portal will help self employment program with quick loans processing for small and medium scale businesses. The portal provide unified online platform for interest subsidy processing. It will help in monthly direct benefit transfer to small and medium business owners under DAY-NULM.
Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM):
- An initiative by Ministry of Housing and Urban Poverty Alleviation
- Launched on 23rd September 2013
- The objective of the mission is to skill development in the urban youth for poverty alleviation
- To provide financial assistance to create self-employment opportunities
- The ministry has already provided interest subsidy of Rs. 145 lakh to the various beneficiaries
- 36,258 beneficiaries has already benefited under the scheme
- The ministry has approved loans of Rs. 51,177 so far
The Portal for Affordable credit and Interest Subvention Access (PAiSA) being launched today will help in a quicker, efficient and transparent process for transfer of interest subvention amount directly to the beneficiaries via DBT. pic.twitter.com/fW5giNZCNj
— DAY-NULM (@NULM_MoHUA) November 26, 2018