Minority Affairs Ministry to overhaul NMDFC soon

By Staff
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Google Oneindia News

New Delhi, Mar 29 (UNI) The Ministry for Minority Affairs is going to effect a massive restructuring of the National Minorities Development&Finance Corporation (NMDFC) to check corruption in the body and improve its efficiency.

An Expert Committee consisting of professional bankers and financial experts is going to give its report next week, following which measures will be devised to overhaul the NMDFC, sources in the Ministry told UNI.

The Ministry is exploring the public private partnership model for the corporation.

It feels that the Corporation since its inception has been bogged down by inefficiency and has largely failed to deliver the goods it was expected to.

It was conceived as a non-profit public sector undertaking which depended only on government funds and gave loans on low interest rate. There was no scope for its expansion and generate its own resources.

There is a thinking in the Ministry that such an institution could not survive in today's circumstances and something had to be done to make it generate more revenue for itself.

The micro-finanace schemes have not been successful in the NMDFC as well.

The PPP model could adopted to make it to reach out to greater number of people.

UNI

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