Minority panel gets Rs 500 cr

Jul 09, 2010 - Age Correspondent |

New Delhi

In keeping with its promise to further ameliorate the condition of the country’s minorities, particularly Muslims, the government has approved a Rs 500 crore increase in the authorised share capital of the National Minorities Development Finance Corporation.

The approval came from the Union Cabinet on Thursday. The increase means that the authorised share capital of the National Minorities Development Finance Corporation will go up from Rs 1,000 crores to Rs 1,500 crores.
The Central share would be Rs 975 crores, that of state governments Rs 390 crores and of individuals and institutions Rs 135 crores. Among the tasks performed by the NMDFC is that of providing financial assistance for self-employment to those belonging to the minorities and living below the poverty line.
It also provides educational loans besides having promotional schemes like vocational training, etc. As per the MoU, 87,984 beneficiaries are to be covered during 2010-11. During this period, the budgetary provision of Rs115 crores will be released to National Minorities Development Finance Corporation by way of the Centre’s equity contribution.

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