National Minorities Development and Finance Corporation (NMDFC), functioning under the aegis of the Ministry of Minority Affairs, has disbursed a total amount of Rs. 52.89 crore to 8,139 beneficiaries under its Term Loan scheme till 30th September during the current Financial Year.
Under the Micro-Financing scheme the Corporation has been able to disburse Rs. 23.50 crore during the same period and the number of beneficiaries is 13,056. Thus the total amount disbursed during this period is Rs. 76.39 crore and the cumulative number of beneficiaries is 21,195. The target for the number of beneficiaries for the FY 2011-12 has been fixed at 74,000 and the outlay for NMDFC for the year is Rs. 115 crore as equity contribution.
National Minorities Development and Finance Corporation
NMDFC extends loans to individuals belonging to Minorities, living below double the poverty line, for undertaking self employment and income generating activities. The term Loans are provided by NMDFC through the State Channelising Agencies (SCAs) nominated by the respective State Governments.
NMDFC also provides Micro-credit to the members of Self Help Groups (SHGs) through Non Governmental Organizations (NGOs) as well as SCAs. The target group of NMDFC includes persons belonging to minorities living below double the poverty line income, which at present is Rs. 55,000 per annum in the urban areas and Rs. 40,000 per annum in rural areas.
Eligible persons can obtain loans from the respective SCAs by applying directly to the respective SCAs. NGO can also approach NMDFC directly or to the SCAs for obtaining micro credit to further lend the same to the members of the SHGs belonging to minorities.