India’s First Social Impact Bond 

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• The Pimpri Chinchwad Municipal Corporation (PCMC) and the United Nations Development Programme, India, have signed a Memorandum of Understanding to create India's first Social Impact Bond.

• A Social Benefit Bond is also called a pay-for-success bond or a pay-for-success bond. A Social Impact Bond is effectively a deal with a public service authority where it pays for better social results.

• It is a form of outcome-based contracting. It aims at improving social outcomes for a specific group of citizens.

• The result of the Social Impact Bonds depends solely on the effectiveness of the social outcome.