New Delhi, July 8 (ANI): The Union Cabinet today accorded approval for increasing the authorized share capital of National Minorities Development Finance Corporation (NMDFC) from Rs.1,000 crore to Rs.1,500 crore.
The share of Government of India, State Governments and individuals/institutions will be Rs. 975 crore, Rs. 390 crore and Rs. 135 crore espectively.
The equity contribution from Government of India, together with contribution from 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.
NMDFC also provides educational loans and has promotional schemes like vocational training etc.
As per the MoU, 87,984 beneficiaries are to be covered during 2010-11. During this period, the budgetary provision of Rs.115 crore will be released to NMDFC by way of equity contribution of the Central Government.
NMDFC's schemes are targeted for economic upliftment of people from minority communities living below the poverty line through self-employment. (ANI)