Finance ministry plans unified portal for govt-sponsored schemes

The Union finance ministry is planning a one-stop portal for all government sponsored schemes (GSS) in areas such as loan sanction, disbursement, interest subsidy and claims processing.

 

This is set to boost efficiency and reduce redundancy while providing greater convenience to bank functionaries implementing these schemes, said a senior government official.

 

The move comes amid increasing calls from the banking sector to streamline the digital infrastructure used for administering welfare and credit-linked schemes.

 

With the Centre running umpteen schemes across different ministries — many of them credit or subsidy-linked — banks often struggle with the sheer volume of portals and compliance requirements.

 

Fragmented data entry points and disjointed processes not only slow down service delivery but also increase the chances of errors, duplication, and delays in subsidy release.

 

A unified platform is expected to enhance interoperability, ensure real-time tracking of applications, and improve transparency across departments.

 

Currently, banks are required to input data related to the sanction and disbursement of loans under various GSS through multiple dedicated portals.

 

These include the Khadi and Village Industries Commission (KVIC) portal for Prime Minister’s Employment Generation Programme (PMEGP) loans, the Pradhan Mantri Vishwakarma portal for PM Vishwakarma loans, and the Udyami Mitra portal for schemes like Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) and Stand-Up India.

 

The official added that for claiming interest subsidy, banks must upload relevant data on different platforms such as the Portal for Affordable Credit and Interest Subvention Access (PAiSA) for interest subvention claims for PM SVANidhi and Deendayal Antyodaya Yojana — National Urban Livelihoods Mission (DAY-NULM).

 

In January, M Nagaraju, Secretary of the department of financial services (DFS), under the Ministry of Finance, reviewed the progress of financial inclusion schemes with heads of public sector banks (PSBs) and senior executives of private banks.

 

The review meeting included virtual participation by senior executives from the Small Industries Development Bank of India (Sidbi), Mudra Ltd, Indian Banking Association (IBA), and National Credit Guarantee Trustee Company Limited (NCGTC). Discussions centred around flagship programmes such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Stand-Up India.

 

Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly the Northeast.

 

He highlighted the significant strides made in social security and financial inclusion, urging banks to further extend these initiatives to more people.

 

Earlier this month, the finance ministry held a review meeting with PSBs and select private lenders to assess the progress of various government-run schemes.   

UNCLOGGING BOTTLENECKS 

- Fragmented data entry points, disjointed processes slow down service delivery

- Banks often struggle with the volume of portals and compliance requirements

- The banking sector has been demanding that digital infrastructure for schemes be streamlined

- Move expected to enhance efficiency, reduce redundancy