MUSLIMS LARGELY BENEFIT THROUGH FINANCING BY NMDFC
Muslims have largely
benefited from the loans sanctioned by the National Minorities
Development and Finance Corporation (NMDFC). Reports from the
state governments on utilization of funds shows that Muslims constitute
over 77 percent of the beneficiaries financed by the NMDFC. A
study on functioning of the NMDFC by the Indian Social Institute
shows that the beneficiaries have found the financing by the Corporation
useful in starting income generating activities or upgrading the
same.
The NMDFC was set
up in 1994 to financially assist poor persons belonging to notified
minorities whose annual family income does not exceed Rs. 55,000
in the urban areas and Rs. 40,000 in rural areas. The Corporation
has till the end of March 2003 advanced loans worth Rs.469.50
crore to 1.79 lakh beneficiaries. The NMDFC took lead in implementing
Micro Financing Scheme in order to reach the poorest in the target
groups especially the minority women scattered in remote villages
and urban slums. The Corporation has implementing the Scheme directly
through NGOs and Self Help Groups been since April 1998. It has
through a network of over one hundred NGOs covered fifty-four
thousand beneficiaries advancing them loans worth about Rs.10
crore on easy terms.
