National Minorities Development and Finance Corporation (NMDFC)

  1. The National Minorities Development and Finance Corporation (NMDFC) was established in 1994 to provide access to credit to members of minority communities.
  2. It is a nonprofit organization funded by the Government of India and administered by the Ministry of Minority Affairs.
  3. NMDFC has a vision to create economic opportunities for members of minority communities and help them become self-reliant and economically empowered.
  4. The corporation provides financial assistance to eligible individuals, groups and organizations in the form of loans and grants.
  5. It has implemented various schemes to provide credit to members of minority communities such as ‘Wazir-e-Azam Swarojgar Yojana’ and ‘Maulana Azad Swarojgar Yojana’.
  6. NMDFC’s loan scheme provides up to Rs. 5 lakhs to individuals and Rs. 10 lakhs to groups for starting or expanding businesses.
  7. It also provides grants of up to Rs. 5 lakhs to eligible minority community organizations for developmental activities.
  8. NMDFC has implemented several other schemes such as housing schemes, infrastructure development schemes and training schemes.
  9. It has established various training and capacity building centres across the country to provide skill development training to members of minority communities.
  10. NMDFC has also set up credit monitoring cells in select districts to monitor the progress of loan beneficiaries and ensure timely repayment.
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