{"id":125724,"date":"2024-08-10T19:39:35","date_gmt":"2024-08-10T14:09:35","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=125724"},"modified":"2024-08-10T19:39:35","modified_gmt":"2024-08-10T14:09:35","slug":"pmay-u-2","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/pmay-u-2","title":{"rendered":"PMAY-U 2.0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Recently,\u00a0 the Union Cabinet approved<\/span><b> PMAY-U 2.0<\/b><span style=\"font-weight: 400;\"> .<\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Objective PMAY- U2.0<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The scheme aims to provide financial assistance to one crore urban poor and middle-class families for constructing, purchasing, or renting houses at affordable costs.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"noopener\">Enroll now for UPSC Online Course<\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>About\u00a0 PMAY-U2.0<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-125710 alignright\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/103-66b76fbc6f1ae.webp\" alt=\"PMAY-U 2.0\" width=\"452\" height=\"316\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/103-66b76fbc6f1ae.webp 876w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/103-66b76fbc6f1ae-300x210.webp 300w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/103-66b76fbc6f1ae-768x537.webp 768w\" sizes=\"(max-width: 452px) 100vw, 452px\" \/><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">PMAY-U refers to\u00a0 <\/span><b>Pradhan Mantri Awas Yojana (Urban)<\/b><\/li>\n<li><b>Nodal Agency: <\/b><span style=\"font-weight: 400;\">Ministry of Housing and Urban Affairs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is a major initiative by the Union government to provide<\/span><b> all-weather pucca houses to eligible beneficiaries in urban areas.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Achievements: 1.18 crore<\/b><span style=\"font-weight: 400;\"> houses have been sanctioned under <\/span><b>PMAY-U,<\/b><span style=\"font-weight: 400;\"> with over <\/span><b>85.5 lakh houses<\/b><span style=\"font-weight: 400;\"> already constructed and delivered.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Eligibility Criteria<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Target Segments:<\/b><span style=\"font-weight: 400;\"> Families belonging to<\/span><b> EWS, LIG, and Middle <\/b><span style=\"font-weight: 400;\">Income Group segments with n<\/span><b>o &#8216;pucca&#8217; house <\/b><span style=\"font-weight: 400;\">anywhere in the country are eligible.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Coverage Area:<\/b><span style=\"font-weight: 400;\"> The scheme covers <\/span><b>all statutory towns as per Census 2011<\/b><span style=\"font-weight: 400;\"> and subsequently notified towns, including <\/span><b>Notified Planning Areas, and regions under various Urban Development Authorities.<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial Assistance and Investment<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Assistance to Urban Poor:<\/b><span style=\"font-weight: 400;\"> Financial assistance will be provided to urban poor through <\/span><b>States and Union Territories ov<\/b><span style=\"font-weight: 400;\">er the next five years.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Subsidy and Investment:<\/b><span style=\"font-weight: 400;\"> The scheme includes a government subsidy of <\/span><b>\u20b92.30 lakh crore, contributing to a total investment of \u20b910 lakh crore.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+CSE+Books\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC CSE Books From PW Store<\/span><\/a><\/span><\/p>\n<h3><span style=\"font-size: 16pt;\"><b>Credit Risk Guarantee Fund<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fund Increase: The Credit Risk Guarantee Fund Trust\u2019s<\/b><span style=\"font-weight: 400;\"> corpus has been increased from<\/span><b> \u20b91,000 crore to \u20b93,000 crore.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Objective: <\/b><span style=\"font-weight: 400;\">By enhancing the<\/span><b> Credit Risk Guarantee Fund,<\/b><span style=\"font-weight: 400;\"> the government aims to boost affordable housing initiatives under <\/span><b>PMAY-U.\u00a0<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">This will likely increase homeownership rates among low-income segments of the population.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Beneficiaries:<\/b><span style=\"font-weight: 400;\"> The fund will benefit the<\/span><b> Economically Weaker Section (EWS)<\/b><span style=\"font-weight: 400;\"> and Low Income Group (LIG) segments by providing credit risk guarantees on affordable housing loans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fund Management Transfer:<\/b><span style=\"font-weight: 400;\"> Management of the Credit Risk Guarantee Fund will be transferred from the National Housing Bank to the National Credit Guarantee Company.<\/span><\/li>\n<\/ul>\n<table style=\"width: 100.13%;\">\n<tbody>\n<tr>\n<td style=\"width: 138.027%; 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