Significance of National Urban Livelihoods Mission Conferred SKOCH Award

The SKOCH Award is the prestigious civilian honour bestowed by an independent organisation. It honours individuals, projects, and institutions that go above and beyond to make India a better country. The SKOCH Award recognizes the most outstanding digital, financial, and social inclusion achievements. It includes best practices in governance, inclusive growth, technological and application excellence, change management, corporate leadership, corporate governance, citizen service delivery, capacity building, empowerment, and other softer concerns. The SKOCH Award covers the best endeavours in computerised, monetary, and social incorporation. It envelops the best of administration, greatness in innovation and applications, changes the board, corporate administration, resident administrations conveyance, and other milder issues that get typically lost in the marvelousness and the charm of industry-supported or promoting-centred celebrations.

The SKOCH Governance Gold Award for 2019 was presented to DAY NULM

The renowned SKOCH Governance Gold Award was given to the Deendayal Antyodaya Yojana-National Urban Livelihoods Initiative (DAY-NULM), a flagship mission under the Ministry of Housing and Urban Affairs. September 1, 2019, Current Events: In a ceremony held at the Constitution Club of India, the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), a flagship mission under the Ministry of Housing and Urban Affairs, received the prestigious SKOCH Governance Gold Award for its Portal for Affordable Credit and Interest Subvention Access (PAiSA).

Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM)

In November of 2018, it was launched. PAiSA is a consolidated IT platform that streamlines and simplifies the Mission’s interest subvention release. Every month, it provides an end-to-end online solution for processing, payment, monitoring, and tracking interest subvention claims from banks. In the case of the Self Employment Programme beneficiaries, banks input their subsidy claims through their CBS (Core Banking Solution). The ULB and the state in question have confirmed and authorised it. Through the DBT method, the authorised claim amount is deposited straight to the beneficiary’s loan account. A message is also sent to the beneficiary’s phone number, informing them of the credit of the subsidy amount. Allahabad Bank was responsible for the design and development of the portal. 

There are 28 states/UTs and 74 banks on the platform, comprising 21 public sectors, 18 private, and 35 regional rural banks. Through PAiSA, about 1.50 lakh recipients have received interest subvention payments totalling $ 27 crores (approx.).

PAISA – Portal of Affordable Credit & Interest Subvention Access

Paisa is a Deendayal Antyodaya Yojana initiative. It stands for Portal of Access to Low-Cost Credit and Interest Subsidies.

The Modi government launched a centralised electronic platform for processing interest subvention on bank loans on November 19, 2018. The Deendayal Antyodaya Yojana-National Urban Livelihood Mission has launched this scheme (DAY-NULM). According to our Ministry of Housing and Urban Affairs Minister Shri Durga Shankar Mishra, PAISA, Portal of Affordable Credit & Interest Subvention Access, is a fantastic approach to connect beneficiaries directly with the government, ensuring openness and efficiency in the workplace. Small businesses can also receive monthly financial assistance through Direct BenefitTransfer (DBT).

Allahabad Bank of India, a nodal bank for this initiative, planned and constructed this portal. This web gateway includes 30 banks in total and around 25 states. All 35 states and union territories (UTs) and all scheduled commercial banks, RRBs, and cooperative banks should use the PAiSA (Portal of Affordable Credit & Interest Subvention Access) platform by the end.

Objectives

• According to the Indian government, this platform will aid in a more efficient and transparent crediting of loans to beneficiaries.

• In addition, DBT (direct benefit transfer) of subventions every month under DAY – NULM will promptly provide small entrepreneurs with essential financial support.

• Small businesses in need of approved loans will find it simple to obtain low-cost loans and credit facilities with the help of this platform.

• The major goal is to provide beneficiaries with a consolidated platform for better credit subsidy processing.

Salient Features

• Employment through skill training and placement is permitted at the cost of Rs 15,000 per person in the urban poor, with a cost of Rs 18,000 in the northeast and J & K.

• Social mobilisation and institution building will be accomplished by constructing Self-Help Groups (SHGs) for training and hand-holding, with each group receiving a $10,000 start-up grant.

• People who fit into the urban poor category receive a 5%-7% interest subsidy to assist them in starting a local individual business with a loan limit of up to Rs.2 lakh or a group enterprise with a loan limit of up to Rs.10 lakh.

Conclusion

Building strong grassroots level institutions of the poor to reduce poverty and vulnerability of urban poor households by enabling them to access lucrative self-employment and skilled wage employment possibilities, resulting in a significant improvement in their livelihoods on a long-term basis. The Mission’s goal would be to gradually provide shelters with basic services to the city’s homeless. In addition, the Mission would address urban street vendors’ livelihood concerns by supporting access to proper venues, institutional financing, social security, and skills for them to access rising market opportunities. The SKOCH Award covers the best endeavours in computerised, monetary, and social incorporation. It envelops the best of administration, comprehensive development, greatness in innovation and applications, change the board, corporate authority, corporate administration, resident administrations conveyance, limit building, strengthening, and other such milder issues that get typically lost in the marvelousness and the charm of industry-supported or promoting centred celebrations.