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Cabinet approves increasing the Authorised Share Capital of NMDFC

| | Feb 11, 2015, at 02:02 am
#Cabinet approves increasing the Authorised Share Capital of NMDFC
New Delhi, Feb 10 (IBNS) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Tuesday gave its approval for increasing the Authorised Share Capital of the National Minorities Development and Finance Corporation (NMDFC), a Central Sector Public Enterprise (CPSE) under Government of India in the Ministry of Minority Affairs from Rs. 1500 crore to Rs. 3000 crore.
"Approval was also given to revise the shareholding pattern from 65:26:9 to 73:26:1 among the Centre, States/Union Territories and Individuals/Institutions respectively. Further, approval was also given for restructuring of the NMFDC’s business model," read an official statement.
 
 
"The decision will enlarge the quantum of funds available for economic activities, better coverage and enhanced outreach. Enhancement of share capital would expand its ambit of coverage and increase disbursement of funds to larger sections of the economically deprived minority population. The target of NMDFC for the year 2014-15 is to cover 97000 beneficiaries," it said.
 
NMDFC implements its schemes through 37 State Channelizing Agencies in 29 States/UTs, NMDFC will tie up with the Nodal Bank wherever required to enhance its outreach.

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