To ensure direct connection with beneficiaries, prime minister government has launched PAiSA or Portal for Affordable Credit and Interest Subvention Access offering greater transparency and easy credit access. For processing of subvention on loans, the electronic platform has been devised by the Allahabad bank which is the nodal bank.
On the launch, , 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".
By the year end all of the states including Union Territories, banks, regional rural banks and cooperative banks will be on board the portal.
The scheme is launched as part of the Deendayal Antyodaya Yojana - National Urban Livelihoods Mission (DAY-NULM).