MoHUA signs MoU with Allahabad Bank for processing interest subsidy under Sep Component

india-south-korea-sign-10-billion-funding-agreement-for-infra-projectsBy Accommodation Times Bureau


A Memorandum of Understanding(MOU) has been signed in the presence of Hardeep Singh Puri, Minister of State(I/C) Ministry of Housing and Urban Affairs to provide a centralized platform for processing interest subsidy to eligible beneficiaries under Self Employment Programme (SEP) component of DeendayalAntyodayaYojana- National Urban Livelihoods Mission (DAY-NULM). The MOU was signed between Ministry of Housing and Urban Affairs (MOHUA) and Allahabad Bank here today. Smt. UshaAnanthasubramaniyan, MD &CEO, Allahabad Bank and Shri Sanjay Kumar, Joint Secretary from the Housing Ministry signed the MOU.Ms. Archana Mittal, Director, NULM and senior officials from the Ministry were also present on the occasion.

The Web-portal will provide an end-to-end solution for processing interest subsidy for NULM schemes. The subsidy will be credited to Aadhaar linked beneficiary account in a seamless process through DBT mode. The portal will also facilitate on-line validation of loans granted by Banks, through Urban Local Bodies.

Under the Self-Employment Component (SEP) of NULM, bank loans for setting up microenterprise are available to individuals (upto 2 lakhs) and groups (upto 10 lakhs) of urban poor; consumption loans (as per the savings) are also available for Self Help Groups (SHGs). Interest subvention from Ministry is available for the amount of interest charged over and above 7% , by the banks and women SHGs are eligible for additional 3% subvention on timely loan repayment.

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