The Union Finance Ministry is considering to bring a one stop portal for all Government Sponsored Schemes (GSS) like loan approval, disbursement, interest subsidy and claim processing. Its objective is to promote efficiency and reduce wastage. A government official has given this information. He said that this will also provide more convenience to the bank employees implementing these schemes. This exercise is being done amid the growing demand to streamline the infrastructure used for welfare and credit based schemes in the banking sector.
It is noteworthy that innumerable schemes are being run in various ministries of the Central Government, most of which are loan and subsidy based schemes. As a result, banks often have to grapple with the large number of portals and compliance requirements. Omissions and inconsistent processes at data entry points not only result in delays in service but also increase the chances of mistakes, duplication and delays in release of subsidies etc. The unified platform is also expected to increase interoperability, real-time handling of applications and improve transparency within departments. At present, banks are required to input data related to sanction and disbursement of loans under various government schemes through multiple portals. These include Khadi and Village Industries Commission (KVIC) portal for Pradhan Mantri Employment Generation Scheme (PM-EGP) loans, Pradhan Mantri Vishwakarma Portal for Pradhan Mantri Vishwakarma Loan and Udyami Mitra Portal for schemes like Pradhan Mantri Street Vendor Self-reliant Fund (PM Swanidhi) and Standup India.
The official said banks will have to upload the required data on various platforms like Affordable Loan and Interest Subsidy Access (PAISA) to claim interest subsidy for PM Swanidhi and Deendayal Antyodaya Yojana- National Urban Livelihood Mission (DE-NULM). In January this year, M Nagaraju, secretary of the Department of Financial Services under the Finance Ministry, had reviewed the progress of financial inclusion schemes with heads of public sector banks and senior officials of private banks.
The review meeting was attended by senior officials of Small Industries Development Bank of India (SIDBI), Mudra Limited, Indian Banking Association (IBA) and National Credit Guarantee Trustee Company Limited (NCGTC) through virtual medium. Major programs like Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Stand-up India were discussed during the meeting. During the meeting, Nagaraju had stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, especially in the North-East. Nagaraju also highlighted the significant progress made in social security and financial inclusion and asked banks to take these initiatives to more people. Earlier this month also, the Finance Ministry had held a review meeting with public sector banks and select private banks to assess the progress of various government schemes.
First Published – April 24, 2025 | 11:17 PM IST
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