By TwoCircles.net news desk
New Delhi: Set up in 1994, National Minorities Development and Finance Corporation (NMDFC), focused on the on the economic development of minorities will have a target of Rs. 185 crores for the current financial year.
Minister for Minority Affairs, Salman Khurshid gave this information in Lok Sabha today. He said that that a Memorandum of Understanding has been signed by his ministry and NMDFC sets the target for Rs. 185 crores that will benefit 79,860 beneficiaries.
NMDFC depends on State Channelising Agencies (SCAs) which are nominated by the state governments. It also has a network of 200 NGOs through out India. It disburses funds through Term Loan Scheme and Micro-Finance Scheme. 96% of the funds disbursed by NDFMC is through the Term Loan Scheme which makes available loan of upto Rs. 5 lakhs.
Being dependent on SCAs, NMDFC programmes have been implemented erratically over the years.
Link:
http://www.nmdfc.org/