AIMS AND OBJECTIVES OF NMDFC
National Minorities Development and Finance Corporation (NMDFC) was set up by Government of India to promote economic development of the notified minorities i.e. Muslims, Christians, Sikhs, Buddhists and Parsis. The Corporation is a Public Sector Undertaking under the aegis of Ministry of Social Justice and Empowerment. It was incorporated on 30th September, 1994 under Section 25 of the Companies Act as a Company not for profit. The main objective of NMDFC is to promote economic and developmental activities for the benefit of “Backward Section” amongst the minorities, preference being given to the occupational groups and women.
TARGET GROUPS
The target groups of NMDFC with regard to direct benefit are the persons belonging to Minority Communities and living below double the poverty line. At present, Minority Communities as per the National Minorities Commission Act, 1992 are Muslims, Christians, Sikhs, Buddhists and Parsis. At present families having annual income less than Rs.40,000 in rural areas and Rs.55,000 in urban areas are categorized as below double the poverty line.
CHANNELS TO REACH THE TARGET GROUPS
NMDFC has following two channels to reach the target groups:
i) STATE CHANNELISING AGENCIES (SCAs)
It is the main Channel. SCAs are nominated by respective State Governments. At present, NMDFC has 34 Channelising Agencies and a state-wise list of the same is given in Annexure I.
ii) NON-GOVERNMENTAL ORGANISATIONS (NGOs)The services of selected Non Governmental Organizations (NGOs) are availed for reaching the Self Groups. Such an NGO should be more than three years old, apolitical, financially sound, engaged in socio economic activities with minimum one year experience in thrift and credit.
