English Release 28-November 2014
Ministry of Minority Affairs16-September, 2011 14:03 IST
|Enabling National Minorities Development and Finance Corporation to Increase its Operations|
| The authorized share capital of National Minorities Development and Finance Corporation (NMDFC) has been enhanced from Rs. 750 crore in 2007-08 to Rs. 850 crore in 2008-09 to Rs. 1,000 crore in 2009-10 and to Rs. 1,500 crores during 2010-11. The Government of India has been providing share capital contribution to NMDFC in order to enable NMDFC to increase its operations. The total equity share capital released by the Government to NMDFC as on 31st July 2011 is Rs.875.36 crore.|
NMDFC extends loans to individuals belonging to Minorities, living below double the poverty line, for undertaking self employment and income generating activities. The term Loans are provided by NMDFC through the State Channelising Agencies (SCAs) nominated by the respective State Governments. NMDFC also provides Micro-credit to the members of Self Help Groups (SHGs) through Non Governmental Organizations (NGOs) as well as SCAs. The target group of NMDFC includes persons belonging to minorities living below double the poverty line income, which at present is Rs. 55,000 per annum in the urban areas and Rs. 40,000 per annum in rural areas. Eligible persons can obtain loans from the respective SCAs by applying directly to the respective SCAs. NGO can also approach NMDFC directly or to the SCAs for obtaining micro credit to further lend the same to the members of the SHGs belonging to minorities.
(Release ID :76031)