25-01-2021 | 12:53 PM
India’s First Social Impact Bond
• 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.
