Performance Under PMAY Scheme Unsatisfactory: Bankers Committee

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Srinagar- The Jammu and Kashmir’s Union Territory Level Bankers Committee has observed that the performance under the  credit linked subsidy scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) has remained unsatisfactory, asking both the  Housing & Urban Development and financial institutions to improve their performance under the scheme.

In its meeting held on September 20, the apex-level bankers’ committee observed that the performance under the scheme has remained unsatisfactory and expressed the need to analyse and overcome the impediments for facilitating the smooth financing under the scheme, according to news agency KNO.

Under the credit linked subsidy component of PMAY, economically weaker sections and middle income groups get home loans at low interest rates.

In the meeting, the Housing and Urban Development Department, J&K government to increase sponsorship under the scheme.

The banks were also directed to take necessary measures for improving the performance under the PMAY scheme and clear all the pending cases by the end of the current financial year.

The participants of the meeting were informed that only 378 cases were sponsored during the period from April 1 to August 31 this year.

“The house was informed that against the sponsorship of 378 cases during the period from 1.4.2021 to 31.8.2021, banks have disbursed Rs.28.38 crore in favour of 261 beneficiaries which includes Rs.14.51 crores in favour on 66 beneficiaries directly taken and disbursed by banks during the said period,” reads record of the meeting.

It is worthwhile to mention that the J & K administrative council on April 23 this year approved interest free loan per beneficiary under beneficiary led construction (BLC) component of PMAY (Urban).

The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022. The scheme was launched on June 01, 2015.

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