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Monday 9 December 2019
Economy Authorised share capital of Scheduled Castes' finance corp increased

Authorised share capital of Scheduled Castes’ finance corp increased

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, today gave its approval for enhancement of authorised share capital of the National Scheduled Castes Finance and Development Corporation (NSFDC), a Central Public Sector Enterprise (CPSE) working under the aegis of the Union Ministry of Social Justice & Empowerment from Rs 1,000 crore to Rs 1,200 crore.

The approval will enlarge the quantum of funds available for economic activities, better coverage and enhanced outreach to double the Below Poverty Line (BPL) Scheduled Caste beneficiaries. This enhancement of share capital would expand its ambit of coverage and increase disbursement of funds to larger sections of the economically deprived scheduled caste population. The target of NSFDC for the year 2015-16 is to cover 63,000 beneficiaries.

NSFDC implements its schemes through 37 State channelising agencies in 32 States/UTs. NSFDC will also implement its schemes through select public sector banks, regional rural banks and other institutions, wherever required, to enhance its outreach.

The NSFDC provides loans through its channelising agencies at concessional interest rates for self-employment & economic development activities to its target group. NSFDC also sponsors skill/entrepreneurial training programmes to assist the unemployed members of scheduled castes in wage/self-employment. The central government has almost exhausted its contribution of authorised share capital of Rs 1,000 crore by paying Rs 998.13 crore to NSFDC. Hence, it became essential to enhance the authorised share capital of the corporation to expand its ambit of work.

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