Union Ministry of Housing and Urban Affairs launched ‘PAiSA’ – Portal for Affordable Credit and Interest Subvention Access during the National Workshop on Municipal Finance and Urban Planning held in New Delhi.
It is a Centrally Sponsored Scheme implemented by Union Ministry of Housing and Urban Poverty Alleviation. Its objective is to uplift urban poor folks by enhancing sustainable livelihood opportunities through skill development. It also provides social mobilization and institution development through the formation of Self-Help Groups (SHG) for training members and hand holding, an initial support of 10, 000 is given for each group.
It also provides subsidy to urban poor i.e. interest subsidy of 5% – 7% for setting up individual micro-enterprises with the loan of up to 2 lakhs and for group enterprises with the loan limit of up to Rs.10 lakhs. Its intended beneficiaries are urban poor (street vendors, slum dwellers, homeless, rag pickers); unemployed and differently abled. It provides for employment through Skill Training and Placement through City Livelihood Centers to reduce poverty and vulnerability of the urban poor households.