Minorities Development Finance Corporation to have 1000 crores share capital
August 27th, 2009 - 3:59 pm ICT by ANI ( Leave a comment )New Delhi, Aug 27 (ANI): The Union Cabinet today accorded approval for increasing the authorized share capital of the National Minorities Development Finance Corporation (NMDFC) from Rs.850 crores to Rs.1000 crores.
The share of the Government of India, the State Governments and individuals/institutions will be Rs.650 crores Rs.260 crores and Rs.90 crores respectively.
The NMDFC is a not for profit company, registered under Section 25 of the Companies’ Act with share contribution from the Government of India (65 per cent), the State Governments (26 per cent) and individuals/institutions (9 per cent).
It provides financial assistance to people belonging to minorities living below double the poverty line for self-employment.
The NMDFC is greatly dependent on Central equity contribution. The enhanced authorised share capital will enable the Central Government release its full budgetary provision of Rs.125 crores towards equity of NMDFC in 2009-10.
The equity contribution from the Government of India, together with contribution from the State Governments and individuals/institutions and also the recovery of loans from beneficiaries will be spent for providing term loans and micro finance through State Channelizing Agencies (SCAs) and for providing micro finance through NGOs.
The NMDFC also provides educational loans and has promotional schemes like vocational training.
NMDFC’s schemes are targeted for economic upliftment of people from minority communities living below double the poverty line through self employment.
The budgetary provision of Rs.125 crores will be released to the NMDFC by way of equity contribution of the Central Government during 2009-10.
As per the Memorandum of Understanding between the Government of India and the NMDFC, 66,000 beneficiaries are to be covered during 2009-10.
NMDFC’s schemes envisage to cover minority communities in the entire country through State Channelizing Agencies and NGOs.
As on March 31, the NMDFC has disbursed an amount of Rs.1190.84 crores covering 4,34,329 beneficiaries belonging to the minority communities through their term loan and micro finance schemes. (ANI)
- Share capital of Minority Development Corporation increased - Jul 08, 2010
- Share capital of minorities financial institution hiked - Jul 08, 2010
- Move to encourage entrepreneurship among minorities - Jul 08, 2010
- Rs.585-crore loan disbursed for minority communities - Sep 22, 2010
- Rs.185 crore for loans to poorest of poor among minorities - Jul 09, 2009
- Finance Minister promises to strengthen regional rural banks - Feb 28, 2011
- Omar gives nod to loans schemes for youth entrepreneurs - Feb 01, 2012
- Highlights of Union Budget 2011-12 (Part-III) - Feb 28, 2011
- Small home loan borrowers to get 1 percent interest subsidy - Oct 25, 2011
- Andhra proposes non-banking finance body for self-help groups - Jun 21, 2011
- Reliance Capital consolidated net profit rises 9 percent - May 30, 2011
- Centre approves National Mission on Micro Irrigation - Jun 10, 2010
- Poor students to have interest subsidy on educational loans - Aug 27, 2009
- Key Highlights of Budget 2009-2010 - Jul 08, 2009
- Over Rs.61,600 crore in net worth of public sector firms eroded - Aug 18, 2011
Tags: authorised share capital, budgetary provision, central equity, crores, development finance corporation, economic upliftment, educational loans, equity contribution, government of india, memorandum of understanding, micro finance, minority communities, national minorities, poverty line, rs 125, rs 90, scas, state governments, term loans, union cabinet
