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