Book Title: Minority Benefits
Author(s): Babita Jain
Publisher: Shrut Samvardhan Samsthan

Previous | Next

Page 99
________________ The National Minorities Development & Finance Corporation (NMDFC) The National Minorities Development & Finance Corporation (NMDFC) was incorporated on 30th September 1994, with the objective of promoting economic activities amongst the backward sections of notified minorities. To achieve its objective, NMDFC is providing concessional finance for self-employment activities to eligible beneficiaries belonging to the minority communities, having a family income Rs. 81,000/-p.a. in Rural Areas and Rs. 1,03,000/- p.a. in Urban Areas. As a special initiative, a new annual family income eligibility of up to Rs. 6.00 lakh per annum has been introduced with effect from September, 2014. This category will get concessional credit at a high rate of interest. The authorised share capital of NMDFC which stood Rs.650 crore in 2004 now stands at Rs.1500 crore. Term Loan Scheme Details : The scheme is for individual beneficiaries and is implemented through the SCAS. Under the Term Loan Scheme, projects costing up to Rs. 20.00 Lakhs are considered for financing. NMDFC provides loan to the extent of 90% of the project cost subject to a maximum of Rs. 18.00 lakh. The remaining cost of project is met by the SCA and the beneficiary. However the beneficiary has to contribute minimum of 5% of the project cost. The rate of interest charged from the beneficiary is 6% p.a. on reducing balance method. For higher income group of up to 6.00 lakh, the rate of interest is 8% for males and 6% for females. Scheme Guidelines : The steps for provision of term loan like collecting applications from the perspective beneficiaries , short-listing the applications through desk scrutiny and physical verification, interviewing the short-listed applicants by the Selection Committee ( as per the existing procedure), selection of beneficiaries, sanction of loan and disbursement of loan taken up through the campaign approach. The National Minorities Development & Finance Corporation (NMDFC) was incorporated on 30th September 1994, as a company not for profit, under Section 25 0 the Companies Act 1956. It is a National Level Apex Body for the benefit of Minoritie as defined under the National Commission for Minorities Act 1992. The prime mandate of NMDFC is to provide concessional finance to the Minoritie for self employment/ income generation activities. As per the National Commission fo Minorities Act, 1992, the notified Minorities are Muslims, Christians, Sikhs, Buddhists & Parsis. Subscquently, Jain community was also added into the list of notified Minorit Communities in January 2014. Under NMDFC programe, preference is given to Artisan & Women 88 Minority Redhao

Loading...

Page Navigation
1 ... 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250