By TwoCircles.net staff reporter
Mumbai: Now out of Election Commission’s model code regime as elections in Maharashtra have taken place, the Maulana Azad Minorities Financial Development Corporation (MAMFDC), a state government agency, has started distribution of education loan cheques.
In the last couple of days MAMFDC has distributed 40 out of the 188 education loan cheques. In the days to come it intends to distribute 350 business loan cheques.
Prominent Islamic scholar Maulana Ghulam Wastanvi handed over the educational loan cheques to the applicants from Mumbai, Pune and Thane, in a meet attended by the (MAMFDC) chairman Ameen Patel, managing director Ghaffar Shaikh and other members of the corporation, says Urdu daily Inquilab. The rest of the cheques will be distributed in Aurangabad and other districts.
As many as 508 applications have been approved for educational loans wherein MAMFDC is going to spend Rs 6,64,00,000. Under ‘Direct Loan Scheme 2008-09’ (MAMFDC) had received 3,307 applications by March 31. In total the agency is going to spend nine crore rupees under the scheme. About 787 applications received under ‘Term Loan Scheme’ were approved and loans worth Rs 8,15,00,000 will be distributed for the same.
As part of an exclusive scheme meant to assist women in order to make them self-dependent the corporation has distributed loans of Rs 4,50,00,000 among 4,527 women under the ‘Micro Finance Scheme’.
Maulana Azad Minorities Financial Development Corporation is the Maharashtra state’s channelizing agency of Government of India’s National Minorities Development and Finance Corporation run by the Union Minority Affairs Ministry. It was constituted to meet the financial requirements and social uplift of financially backward classes amongst the minorities.