Empowering Minorities: NMDFC's Concessional Credit for Community Growth

The National Minorities Development and Finance Corporation has provided Rs 2,347.15 crore as concessional credit to over 5.50 lakh minority beneficiaries over the past three years. This initiative aims to empower minority communities through loans for education and self-employment, ensuring financial inclusivity and socio-economic growth.

The National Minorities Development and Finance Corporation (NMDFC) has distributed concessional credit amounting to Rs 2,347.15 crore over the last three years, benefiting more than 5.50 lakh individuals from minority communities, the government announced in Lok Sabha on Wednesday.

Minority Affairs Minister Kiren Rijiju revealed that eligible beneficiaries are those belonging to Buddhists, Christians, Jains, Muslims, Parsis, and Sikhs, as defined by the National Commission for Minorities Act of 1992. Applicants must have a family income up to Rs 3 lakh under Credit Line-1 and up to Rs 8 lakh under Credit Line-2.

Rijiju emphasized that a stringent screening process is in place to confirm that support reaches deserving minority entrepreneurs. Funds are distributed directly to beneficiaries' KYC-authenticated accounts. The NMDFC also assesses the impact of its schemes through independent studies to ensure the sustainability of financed projects.

(With inputs from agencies.)