Hardeep Singh Puri, Minister of State for Ministry of Housing and Urban Affairs, has signed a Memorandum of Understanding (MoU) with Usha Ananthasubramaniyan, MD and CEO, Allahabad Bank and Sanjay Kumar, Joint Secretary from the Housing Ministry in order to provide a centralized platform for processing interest subsidy to eligible beneficiaries under the Self Employment Programme of Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM).
Under the proposed system, claims will be uploaded by the Central and Zonal Head Quarters of the banks on the portal then the concerned States/ULBs will verify the beneficiaries after which the claim amount will be transferred to the beneficiary through the Direct Beneficiary Transfer mode. An SMS will be sent to the beneficiary intimating him/her about the release of subsidy in his/her account. The said Ministry, States and ULBs will get reports to monitor interest subvention delivery. It is being said that the Web Portal will be functional by the beginning of the Financial Year of 2018-19.