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nrc The Ml) & CF() National I lousing Bank Corc-5A, 4 111 floor. India I labitat Centre, ldOdi Road, New I)clhi 110003

Subject: Release of Central Assistance under housing for All (Urban) Pradhan Mantri Awas Yojnu from National Urban housing Fund (NUIIF) reg.

Sir,

Please refer to the sanction letter no N-I IOI6/7/2017-IIFA-IV-SECTION(EFS-9022635) dated 24.08.2020 on the subject mentioned above rcccivcd from Ministry of I lousing & Urban

Affairs (copy enclosed). In this regard, it is inlbrmcd that an amount of WWI (Rupees Two Thousand Crore Only) has been credited to 1992-scheme, as mentioned in the sanction order as Central Assistance under housing for All (Urban) Pradhan Mantri Awas Yojna. The amount was released through EAT module of PFMS in the account mentioned in the above order.

Thanking you, Yours faithfully,

:1 i 2 0 I (Dr. Shailesh Kr. Agrawal)

Fxccutivc Director

kncl.: As ahovc (.'oj' (o.

..( /7w ClziifC'oiuioIki of .1CC OLII1IS. AfiJThlfl / llouvhig & (J,•/; .'l//uirc, Ni, incin /ilzawcm, New Del/ti

2. SI, S. C . Jana, DY Scerctaru (///4-/1/i, Missioti /)irt'cior. Ii#:icIi. , o/ l/ouciizg & Urban ,1/Jàir. Nirinan /Jhast wi. New Delh i - / /001 /

3 /7w U;:c/cr SC l'cicii). lU'! 1 .ceC(1OD?, . /onr of A. Uri'-in ,'l//tiis Vir,nc,,z /3/icnron. /) liii 11(10/ /

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No. N-I 101 617/2017-HFA IV SECTION (EFS-9022635) Government of India

Ministry of Housing & Urban Affairs HFA-IV Division

Nirnian Bhawan, New Delhi - 110011 Dated: 24 August. 2020

To

The Executive Director, Building Materials & Technology Promotion Council (BMTPC), Core 5-A, 1 11 Floor, India Habitat Centre, Lodhi Road, New Delhi-110003

Sub: Release of Rs.2000,00,00,000/- to NHB under CLSS for EWS/LIG component of PMAY (U) from Extra Budgetary Resources (EBR).

Sir,

Pursuant to the constitution of National Urban Housing Fund (NUHF) in BMTPC for channelizing central assistance/subsidy under the PMAY(U). I am directed to convey the sanction of the competent authority and authorize BMTPC for release of Rs.2000,00,00,000/-(Rupees Two Thousand Crore only) from EBR fund borrowed from National Small Saving Fund (NSSF) to National Housing Bank (NHB) being the Central Nodal Agency for implementation of Credit Linked Subsidy Scheme (CLSS) for Economically Weaker Section! Low income Group (CLSS for EWS/LIG) component of Pradhan Mantri Awas Yojana - Housing for All (Urban) Mission for making direct release to the Primary Lending institutions (PLIs) which have signed MoUs with NHB under the scheme. based on the claims submitted by PLIs towards the loans disbursed as per the scheme.

2. The release of Rs.2000,00,00,000/- is further subject to the following terms and conditions:-

i. BMTPC shall release the amount to NHB within two working days through EAT module of PFMS route.

ii. BMTPC shall maintain proper record of the release in the NUHF set up in a prudent manner as per financial rules.

iii. The release made by BMTPC shall be kept in a separate designated account for utilization towards the implementation of the scheme and shall not form part of their general financial operations.

iv. NHB shall utilize the money at the earliest only for the purpose for which it has been sanctioned and the interest accrued from the advance released will be credited in the same account of CLSS.

V. NHB will exercise requisite checks and due diligence in settlement of claims.

vi. NHB will obtain required data and documents from the respective PLI and furnish a utilization certificate towards the release made as soon as possible.

vii The subsequent amounts of interest subsidy will be released to NHB after 70% utilization of earlier released amounts, on quarterly basis, and based on claims raised by NHB in the prescribed format (Annexure 3 of the scheme guidelines).

viii. PLIs will be given a lump sum amount of Rs. 3.000 I- per sanctioned application in lieu of processing fee for housing loan for the borrower under the scheme. A sum of Rs. 250/- per sanctioned application would be paid out of scheme funds to the designated staff of ULBs or NGOs or the local agencies identified by the State/ULBs for facilitating the applications from intended beneficiaries.

ix. 0.1 % of total fund disbursement to the PLIs will be paid to NHB for their administrative expenses for which NHB will furnish the details to M/o HUA

X, NHB will submit progress reports including the details of expenditure to M/o HUA regularly in the prescribed formats

xi. BMTPC shall adhere to the conditions stipulated in the letter F. No 51312020-NS dated 07 08.2020 issued by Ministry of Finance in respect of EBR raised through NSSF.

Contd.. 2

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-2-

3. The expenditure of Rs2000,00,00,000i- is to be booked in PFMS scheme code 1992- EBR for advance interest subsidy under CLSS for EWS/LIG category for the financial year 2020-21 and will be transferred to NHB through e-payment as per the details as under -

Name of the Account NHB-PMAY-CLSS (PMAY-CLSS for EWS & LIG) Account No. 10004164029 Bank Name IDFC First Bank Ltd. Bank Address Barakhamba Road, New Delhi-110001 IFSC Code IDFBOO20101 MICR Code 110751001 Contact Number Ms. Kulpreet Behl(M) 09313437732

4. The utilization certificate has to be provided to BMTPC and this Ministry in the prescribed format and timeline as per the provisions of GFR.

5. As per rule 236(1) of GFR, 2017, the relevant accounts of the Grantee institution (s)/ Organisation(s) shall be open to inspection by the sanctioning authority and audit, both by the Comptroller and Auditor General of India under the provision of CAG (DPC) Act 1971 and internal audit by the Principal Accounts Office of the Ministry or Department, whenever the Institution or Organisation is called upon to do so.

6. This issues with the concurrence of the Finance Division vide their Note# 435 dated 21.08.2020.

7. Details of this sanction have been registered at SI. No-q1 of the Sanction Register maintained in HFA Division for the year 2020-21.

Yours faithfully.

(Sanjeev Kumar Sharma) Under Secretary to the Government of India

Tel: 011-23061285 Copy to:

1, MD, NHB, Core 5-A, 4th Floor, India Habitat Centre, Lodhi Road, New Delhi-110003. 2. CCA, Ministry of Housing & Urban Affairs, Nirman Bhawan, New Delhi. 3. O/o Principal Director of Audit, Infrastructure, A-Wing, 3 1dFloor. IP Bhawan, New Delhi

-110002. 4. Controller General of Accounts, Department of Expenditure, Ministry of Finance, Lok

Nayak Bhawan, New Delhi. 5. DS (IFO), M/o HUA. 6. Budget Section, M/o HUA. 7. Pay & Accounts Office, M/o HUA. 8. Sanction folder.

Copy for information to:

1. PSO to Secretary (HUA) 2. PPS to JS & MD (HFA) 3. DDG (HFA), M/o HUA. 4. DS (HFA-III), M/o HUA. 5. Team Leader, PMU

(Sanjeev Kumar Sharma) Under Secretary to the Government of India

By Hand! E-mail

NHB (ND)! GS/ EWS-LIG/ Fund Request/2020

May 28, 2020

Shri Amrit Abhijat, lAS,. Joint Secretary (PMAY) to Government of India, Ministry of Housing and Urban Affairs, Nirman Bhawan, New Delhi-110001

,

t31;u1ei S NA1ONAL HOUSING BANK

Dear Sir,

Credit Linked Subsidy Scheme (CLSS for EWS & LIG) under the Pradhan Mantri Awas Yojana (PMAY) - Request for Advance Subsidy of 2,150 crore

Please refer to the Para 4.1 of the operational guidelines January, 2017 (updated) of Pradhan Mantri Awas Yojana (PMAY)-.Housing for All (Urban). In this regard, it is informed that NHB vide letter No. NHB/(ND)/GS/ EWS-LIG/Fund Request/2020 dated 21-04-2020 & 11-05-2020 had requested for release of advance subsidy of Z3,000 crore & 2,800 under PMAY-CLSS for EWS/LIG and against the said requests, received 199 crore on 30-04-2020 & Z651 crore on 22-05-2020 from GoT, Ministry of Housing and

Urban Affairs (MoHUA), respectively.

2. Accordingly, we request MoHUA to credit an advance subsidy of 2,150,00,00,000/- (Two Thousand One Hundred & Fifty Crore only) to the following

account under intimation to NHB:

Name of the Account- NHB-PMAY-CLSS (PMAY-CLSS FOR EWS &LIG) Account No- 10004164029 Bank Name- IDFC First Bank Ltd. Bank Address- Barakhamba Road, New Delhi-110001 IFSC Code- IDFBOO2010I MICR Code- 110751001

- TJ

i.. I

. II

uniact iumoer - ivis. uipreet Den!, M) 093143772

Cs4 Yours faithfully,

(V. Rajan) General Manager

EncL Utilization Certificate

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MS*Y at Ifl O 10011

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'i mwt * aid4u;04ft 141 * 11 i , fIT fz i4110003

011-3918 7000 ihB: 011-2464 9030 ic: r hoorgi

Stimoey Body under the Core 5.A, 3rd to Sti Fkjor, hide HthitCes*e. LodW Ro. Now Ddhi-110003

Phone :011-3918 7000 Fax:011-24649030

Wte wwwnoigii Ei : hoOldt.osgin jI 1wicfl 1 T iWqff cIrc1I tov

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Utilization Certificate

FOR CLAIMING SUBSIDY UNDER CREDIT LINKED SUBSIDY SCHEME (CLSS)-EWS/LIG OF THE MINISTRY OF HOUSING & URBAN AFFAIRS, GOVERNMENT OF INDIA.

Summary S. No. Particulars in ?Cr.

1. Total cumulative subsidy received from MoHUA 15,205.00

a) Un-specified Category: Z15,185.00 crore h) Specified Category : 20.00 crore

2. Interest credited till 31-03-2020 67.30

3. Subsidy amount released to PUs as on 27-05-2020 15,209.86

a) Un-specified Category : 15,189.86 crore

b) Specified Category Z20.00 crore

4. Balance Subsidy including interest available with NHB (1+2-3) 62.44

5. Additional advance Subsidy now being sought from MoHUA 2,150.00

It is to certify that-

1) As certified by the PLIs, the loans have been sanctioned and disbursed in accordance with the extant guidelines for CLSS for EWS/LIG of the Ministry

of Housing & Urban Affairs, Government of India.

2) It is further declared that there has been no negligence on the part of the NHB or any of its officers in verifying the claims and sanctioning the amounts to PLIs of the above referred loan accounts and the same has been sanctioned as per the guidelines.

3) Duplicate claims received from the MoHUA are under scrutiny and consultation with MoHUA

(Authorized Signatory)

(V. Rajan) General Manager

National Housing Bank Date: 28-05-2020 Place: New Delhi

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Note # 417

Subject: Request from NHB to release advance subsidy of t2150.00 crore for utilization under CLSS for EWSILIG component of PMAY(U).

Reference PUG (pp.520-530/c)

Credit Linked Subsidy Scheme for EWS/LIG (CLSS for EWS/LIG) is one of the four verticals under PMAY (U) and is being implemented as a Central Sector Scheme for eligible Economically Weaker Sections (EWS) and Lower Income Groups (LIG) residing in urban areas in which interest subsidy of 6.5% is provided on home loans availed through Primary Lending Institutions (PLIs).

2. For implementation of CLSS component of PMAY (U) mission, Ministry had initially, identified two Central Nodal Agencies (CNAs) i.e. National Housing Bank (NHB) and Housing and Urban Development Corporation Ltd. (HUDCO) to channelize the subsidy to the Primary Lending Institutions (PLIs). These two CNAs have signed Memorandum of Understanding (M0U) with the PLIs for implementation of the scheme. Ministry has further included State Bank of India (SBI) as its third CNA for CLSS w.e.f. 06.08.2019. SBI Corporate Centre. Mumbai will act as a CNA for SBI Bank branches only.

3. NHB has submitted Utilization Certificate (p.523/c) in the prescribed format (Annexure 3 of revised scheme guidelines of CLSS for EWS/LIG) and requested for further release of Rs.2150.00 crore for implementation of CLSS for EWS/LIG.

4. NHB has so far been released a total of Rs.15205.00 crore under CLSS for EWS/LIG component of PMAY(U) mission. Year' use details of funds released may be seen here (p.531/c).

5. From the UC, it is seen that interest earned on the funds as on 31 .03.2020 is Rs.67.30 crore. As per UC. NHB has released Rs. 15209.86 crore as interest subsidy under CLSS for EWS/LIG scheme to the PLls for their claims under the scheme. The utilized amount of Rs. 15209.86 crore is more than 70% of the total of advance subsidy released to NHB and the interest accrued (i.e. Rs.15205.00 crore + Rs.67.30 crore) that is a necessary condition for subsequent release to CNAs under para 4.1 of scheme guidelines of CLSS for EWS/LIG (pp414]c)

6 In the BE 2020-21. funds of Rs 900.00 crore had been allocated under Credit Linked Subsidy Scheme-I (CLSS-l) for EWS/LIG component of PMAY (U) Mission in the Demand No.57 of the Ministry of Housing & Urban Affairs for the year 2020-21. Out of these funds, a sum of Rs. 50.00 crore was released to SBI and Rs.850.00 crore was released to NHB for utilization under CLSS for EWS/LIG. Therefore. the current requirement will be met through Extra Budgetary Resources (EBR) As per availability of funds in EBR, it is proposed to release Rs 2000 00 crore to NHB for utilization under CLSS component of PMAY(U)

7 If approved, the file may be sent to the lED with the recommendation to release Rs 2000.00 crore to NHB as advance subsidy for CLSS for EWS/LIG as per DFA/91 15499.

14/08/2020 3:16 PM NITIN GUPTA

(ASO)

Note # 418

Ref: prececnç notes.

Proposal on this file pertains to release of Rs.2,000 crore to National Housing

Bank (NHB) for implementation of EWS/LIG segment of CLSS under PMAY(U). Out of the budgetary provision of Rs.900 Crore for FY 2020-21, an amount of Rs.50 Crore has been released to State Bank of India and Rs.850 Crore have been released to NHB.

2. As per information received from NHB, about 1.20 lakh cases of EWS/LIG are pending with them for which an amount of approximately Rs.2,150 Crore is required. it is proposed that at present an amount of Rs.2,000 crore may be released to NHB for EWS/LIG beneficiaries as per availability of EBR funds.

3. Accordingly, file may be referred to IFD for seeking their concurrence to the release Rs.2,000 crore to NHB as proposed in Para 7, Note 417.

Submitted please.

Page: 128

14/08/2020 4:56 PM SANJEEV KU MAR SHARMA

(US (HFA-IV)) Note # 419 Proposal for release of Rs. 2000 crores from EBR to NHB as advance subsidy for CLSS - EWS/LIG under PMAY(U) is submitted for concurrence of IFD please.

14/08/2020 5:56 PM BINDU SREEDATHAN

(DDG) Note # 420

14/08/2020 7:09 PM Amrit Abhijat

(JOINT SECRETARY) Note # 421

17/08,'2020 1 L:09 At

SHYAM SUNDER DUBE'' ()S &FA)

Note 422

Page: 129

17/08/2020 3:13 PM G. SRINIVASAI

(DIRECTOR(1FD)

Note # 423 Integraled Finance Division

Reference preceding notes.

The proposal relates to the release of Rs. 2000 crore to NHB for implementation of EWS/LIG segment of CLSS under PMAY(U) from EBR funds (pgs. 532-533/cor.).

2. PD has stated that about 1.20 lakh cases of EWS/LIG are pending with NHB for which an amount of approximately Rs.2.150 Crore is required. They have requested to release an amount of Rs.2,000 crore may be released to NHB for EWS/LIG beneficiaries as per availability of EBR funds.An amount of Rs. 5000 crores has been sanctioned by M0F vide its sanction letter dated 07.08.2020 as EBR for projected related work.

3. As the EBR funds taken on loan from NSSF (as in the present case) are charged to interest, utmost care should be taken by PD and the remitting agencies (BMTPC, CNAs and PLIs) to ensure expeditious usage of these funds. However it is seen that while releasing EBR funds to BMTPC, the latter is asked to release the amount to CNA within two working days through EAT module of PFMS route (as given in sanction letter dated 03.03.2020 at p.484/c). It is not indicated on the file if similar or any other corresponding time limit is given to CNAs and PLls. PD may clarify on this point.

4. Further. PD may also confirm if all pie release formalities on part of beneficiaries and the concerned banks are completed before PLIs and CNAs seek the funds from the ministry. This would, in turn, ensure timely disbursal of interest subsidies to the beneficiaries within the shortest possible time.

5 In this regard it may be recalled that vide Note # 403 IFD had advised PD "to furnish reasons for earning of interest by NHB? What is the lead time in onward release of funds once funds reach them from Ministry? PD vide its Note # 405 stated that as per CLSS guidelines, advance subsidy is to be released at the start of the Scheme. However, the,, was no clarified reply from PD regarding the lead time.

6. In light ot the above facts, PD may first clarify the position as sought in para 3 and 4 above before the present proposal is considered.

19/08/2020 1:54 PM DEEPAK KOCHHAR

(US(IFD-II))

Note # 424

Page: 130

19/08/2020 2:57 PM G. SRINIVASAN

(DTRECTOR(IFD))

Note # 425

19/08/2020 3:22 PM SHYAM SUNDER OUBEY

(is &FA) Note # 426

19/08/2020 3:44 PM G. SRINIVASAN

(DIRECTOR(IFD))

Note # 427

19/08/2020 4:12 PM Amrit Abhijat

(JOINT SECRETARY)

Note # 428

Page: 131

19/08/2020 4:19 PM BIND U SREEDATHAN

(DDG)

Note # 429

As regards the clarifications sought at points 3, 4 and 5 at Note 423 above, it is submitted that

(I) BMTPC has been entrusted with the responsibility for release of EBR

funds to CNAs, States, UTs as per the advice / sanction orders issued by

the Ministry. As per the mechanism under the NUHF, the BMTPC is required

to transfer the EBR funds within two working days after issue of such sanctions.

(ii) In the case of CLSS, the advance subsidy is released to each CNA as per the demand to clear the cases for disbursement of subsidy to the

individual applicants. Based on the loan disbursed and claims uploaded by

PLIs of CLSS beneficiaries, the CNAs releases the admissible subsidy amount to the PUs directly, after exercising requisite checks and due

diligence in settlement of the claims. The subsidy is then credited by the PLIs to the beneficiaries' loan account upfront by deducting it from the principal loan amount of the borrower thereby reducing the EMI.

(iii) The entire process is done through a robust MIS system called CLSS

Awas Portal (CLAP" which is done at two stages Process I and Process U.

While in process , Application ID is generated, ir, process II Beneficiary ID

is generated by CNAs before the subsidy amount is disbursed to the PEIs.

The process follows First in First out method which passes through MBP

'managed by rules) and MB[ (manage by exception and finally before generation of Beneficiary ID the system again checks for deduplication and fund availability. The whole process takes time as it is system operated without any manual intervention.

(iv) As gathered from NHB, the CLAP system can generate about 20000 to

25000 beneficiat v IDs foi disbursement of subsidy in a week. Since all the

above process takes time, the interest is accrued on the funds that remain

with the CNA account before it is disbursed. However, CNAs are advised to

make all efforts to utilise the fund at the earliest after completing due processes; the same will be suitably incorporated in the sanction order. -

5. In view of the above, the file is resubmitted for urgent consideration of proposal at Para 7 of the Note 417

19/08/2020 8:11 PM SAN)EEV KUMAR SHARMA

(US (HFA-IV)) Note # 430 In view of clarifications provided at Note #429 above, file is resubmitted for urgent consideration and concurrence of proposal at Para7 of Note# 417.

19/08/2020 8:52 PM BINDU SREEDATHAN

(DDG)

Note # 431 For urgent consideration please.

20/03/2020 10:54 AM Amrit Abhijat

(JOINT SECRETARY)

Page: 132

Note # 432

20/08/2020 11:00 AM SHYAM SUNDER DUBEY

(IS &FA) Note # 433

20/08/2020 11:03 AM G. SRINIVASAN

(DIRECTOR(IFD)) Note # 434

integrated Finance Division

Reference preceding notes

The proposal relates to the reiease of Rs. 2000 crore to NHB for implementation of EWSII..IG segment of CLSS under PMAY(U) from EBR funds (pgs. 532- 5331 1cor)

2. PD has stated that about 1 .20 lakh cases of EWS/LIG are pending with NHB for which an amount of approximately Rs 2.150 Core is required They have requested to release an amount of Rs.2.000 crore may be released to NHS for EWS/LIG beneficiaries as pe: availability Of EBR funds. An amount of Rs. 5000 crores has been sanctioned by MoF vide its sanction letter dated 0708 2020 as EBR for projected related work Jp9 s. 534-535/cor.)

3. From UC (pg. 523/cor.) it is observed that the total cumulative subsidy so far reeased by MoHUA to NHB is 15,205 crore for EWS/LIG segment of CLSS of the scheme. The interest earned on the funds on 31.03.2020 is Rs. 67.30 aore. NHB has released Rs. 15209.86 crore as interest subsidy under CLSS for MIG scheme to the PUs for their claims under the scheme. The utilized amount of Rs.15209.86 crore is more than 70% of the total of advance subsidy released to NHB and the interest accrued.

4. Vide Note #423 sought some clarifications from PD PD vide its Note # 429 submitted the following:-

(1 ) BMTPC has been entrusted with the responsibility for release of EBR funds to CNAs,

States, UTs as per the advice I sanction orders issued by the Ministry. As per the mechanism under the NUHF, the BMTPC is required to transfer the EBR funds within two working days after issue of such sanctions

(ii) In the case of CLSS, the advance subsidy is released to each CNA as per the demand to clear the cases for disbursement of subsidy to the individual applicants Based on the loan disbursed and claims uploaded by PLIs of CLSS beneficiaries, the CNAs releases the admissible subsidy amount to the PLIs directly, after exercising requisite checks and due diligence in settlement of the claims. The subsidy is then credited by the PLIs to the beneficiaries loan account upfront by deducting it from the principal loan amount of the borrower thereby reducing the FMI

(iii) The entire process is done through a robust MIS system called CLSS Awas Portal (CLAP) which is done at two stages - Process I and Process II. While in process I, Application ID is generated. in process II Beneficiary ID is generated by CNAs before the subsidy amount is disbursed to the PLls. The process follows First in - First out method which passes through MBR (managed by rules) and MBE (manage by exception) and finally before generation of Beneficiary ID the system again checks for deduplication and fund availability. 'The whole process takes time as it is system operated without any manual intervention

(iv) As gathered from NHB. the CLAP system an generate about 20000 to 25000 beneficiary IDs for disbursement of subsidy in a week. Since all the above process takes time. the interest is accrued on the funds that remain with the CNA account before it is disbursed. However. CNAs are advised to make all efforts to utilise the fund at the earliest after completing due processes: the same will be suitably incorporated in the sanction order.

5. In view of the above, lED may concur to the proposal for release of Rs. 2000 crore to NHB for implementation of EWS/LIG segment of CLSS under PMAY(U) from EBR funds. subject to the approval of the competent authority and availability of fund with the advice to make efforts for timely disbursal of interest subsidies to the beneficiaries within the shortest possible time.

Paa€: 1 3

20/08/2020 5:34 PM G. SRINIVASAN

(DIRECTOR(IFD))

Note # 435 Discussed with JS and NhE cfa garding the, Vc'cedure for onward disours of subsidy to PLIs by CNA i. ,e NHB.

It seems that the beneficiary ID is generated on the CLAP only after issue of sanction by the Ministry for release of funds. Thereafter, NHB generates PLI wise release orders, issue of RIGS manually to its Bank for onward transfer of funds to respective Bank account of the PU.

As per the clarification given by PD and NHB, around 20,000 to 75,000 beneficiaries ID are generated on a weekly basis. if this be so, the above proposed release of 2000 crores involving 1.24 lakhs beneficiaries may get transferred to all PUS by NHB by next month. It is for this reason, NHB retains the funds for sometime and earns the interest i.e earned 67 crores as stated above which is a significant amount though being adjusted from proposed release as proposed above

In addition, BMTPC also earns some interest due to holding of funds between the time of borrowing say from NSSF in this case and release of funds to CNAs(NHB in this case) or to the States.

As per M0F guidelines issued by JS(Budget), ideally the interest should not be earned on the unspent/retained balances and to be refunded back to Gd. Further, MoE has also issued instructions that the funds of Central Sector Scheme is required to be kept in the Public Sector Bank by the Implementing Agency. All the Missions were already advised vide OM dated 9.9.2019 to ensure compliance to these instructions. However, NHB has not complied with these instructions and keeping the funds of CLSS with the Private Bank i.e. IDFC First Bank as per reply furnished by NHB in this case

In view of the above, the proposal at Note 434 above for release of funds is approved.

However, PD may seperately have a re look at the mechanism of borrowing the funds from NSSF etc by BMTPC once EBR is sanctioned by MoF and also consider shortening the process of onward disbursal by the CNAs (NHB in this case) to the PUs. This will ensure that not only subsidy reaches the beneficiary account at the earliest once the funds are sanctioned and released by the Ministry but will also reduce/minimize earning of the interest by the CNAs/ Implementing Agencies. Further PD may stipulate some realistic timelines to CNAs for onward transfer of funds to PUs. The revised mechanism may be apprised to JFD at the earliest.

Further, the PD may also ensure that the funds of PMAY with all the CNAs including NHBs is immediately got transferred to Public Sector Bank and confirmation to this effect may be sent to CCA and lED.

21/08/2020 6:16 PM SHYAM SUNDER DUBEY

(IS &FA

Note * 13€

71 1 08/2020 6:21 PM G. SRINIVASAN

(DIRECTOR(IFD))

Page: 134

Note t 437

21/08/2020 6:23 PM DEEPAK KOCFHAR

(US(IFD-II)) Note # 438 This proposal is regarding release of Rs.2000 crore from EBR funds to NHB for implementing EWS/LIG segment of CLSS under PMAY(U).

2. As per information received from NHB about 1.20 lakh cases of EWS/LIG are pending with them for which an amount of approximately Rs 2,150 crore is required by them. It is proposed to release Rs.2000 crore to NHB at present.

1 IFD has accorded concurrence to the proposal of release of Rs.2000 crores to NHB vide their Note# 434 & Note #435 with the observation that funds of Central Sector Scheme is required to be kept in the Public Sector Bank by CNA, issue of interest accrued on funds with CNA and other observations include shortening of timelines for release of funds from CNAs to PLIs.

4 Accordingly, kind approval of Secretary (HUA) is solicited for release of Rs.2000 crores to NHB for implementing EWS/LIG segment of CLSS.

21/08/2020 7:06 PM BINDU SREEDATHAN

(DDG) Note # 439

21/08/2020 7:59 PM Amrit Abhijat

(JOINT SECRETARY) Note # 440

Page: 135

24/08/2020 11:13 AM DURGA SHANKER MISHRA

(SECRETARY) Note # 441

24/08/2020 12:]) PM Amrit Abhsjat

(JOINT SECRETARY Note 442

24/08/2020 12:20 PM BINDU SREEDATHM.