SHARP INCREASE IN FINANCIAL LOANS TO MINORITIES FOR INCOME GENERATING
SCHEMES
The financial assistance
to poorer sections among notified minorities for income generating
activities by the National Minorities Development and Finance
Corporation (NMDFC) has witnessed a sharp increase during the
last five years.
The Corporation provided
financial loans worth Rs. 355.70 crore at concessional interest
rates, during this period constituting about 78% of total disbursements
by the NMDFC so far. More than 95,000 beneficiaries were covered
in 25 states and union territories. 77 percent of its beneficiaries
are Muslims according to a study by the Indian Social Institute.
The NMDFC was set
up in 1994 to financially assist poor persons belonging to Muslim,
Christian, Sikh, Buddhist and Parsi communities whose annual family
income does not exceed Rs. 55,000 in urban areas and Rs. 40,000
in rural areas. The Corporation advances loans under various schemes
viz. Term Loan Scheme, Marginal Money Loan Scheme and Education
Loan Scheme. The rate of interest varies from 6% under Term Loan
Scheme to 3% for the remaining two schemes. NMDFC took a major
initiative in 1998 by introducing Micro-Financing to reach the
poorest among the target groups especially women scattered in
remote villages and urban slums. The Corporation has so far helped
fifty four thousand beneficiaries through a network of over one
hundred NGOs and Self-Help Groups. Some of the women beneficiaries
are trained before advancing micro credit under the Mahila Samridhi
Yojna.
The other initiative
includes organising marketing facilities and vocational training.
A large section of minorities are artisans who face problems in
marketing their products. NMDFC organised marketing support by
participating in India International Trade Fair, Social Development
Fair and Suraj Kund Mela. 45 NGOs from various states participated
in these exhibitions benefiting around 2,500 artisans.
The NMDFC provides
grants to State Channelising Agencies (SCA) for organising Vocational
Training programmes to its targeted beneficiaries to build up
their competence for wage employment as well as self employment.
Uttar Pradesh, West Bengal, Tripura and Kerala were provided grants
for organising vocational training programmes for various trades
last year.
