Expert panel suggests drastic changes in NMDFC setup

New Delhi, Apr 13 (UNI) An Expert Committee of the Minority Affairs Ministry has recommeded sea changes in the complexion and functioning of the National Minorities Finance Development Corporation (NMFDC), envisaging a public-private partnership model to enable it to play a more effective role.

The Report, submitted to Minister A R Antulay today, has suggested the creation of a National Minorities Development Corporation, with the existing NMDFC functioning as one of its two wings. The other wing would be a Waqf Development Agency.

The government could hold a 49 per cent stake in the new corporation while the private parties called minorities partnerships could have a 51 per cent share.

The main focus of the private efforts should be in the field of education, jobs and social infrastructure.

The NMDC would shed its not-for-profit status and would act as a government owned holding company. It will also generate its own revenue surpluses to finance welfare schemes.

The suggested Waqf development Agency would be provding a support service to waqfs which can avail opportunities provided by the Corporation.

The Report calls for strengthening of state channelising agencies (SCAs).

It has suggested that lending and borrowing rates for the SCAs should be at the prevalent market rates so that these agencies could recover their operating costs.

The commitee, headed by Mr Nasser Munjee, chairman, Development Credit Bank, was appointed to suggest NMDFC restructuring as the government wanted it to expand its scale of operations considering the size of the envisaged target group.

The NMDFC was constituted in 1994 as a Public Sector Enterprise under Section 25 of the Companies Act.

UNI