If clearing UPSC is your goal, this post will be helpful. Read on to know more about Government FDC’s for Financial Inclusion and Development. This post is brought to you by Oliveboard, an online exam preparation platform for government and banking exams.
1) National Scheduled Castes Finance and Development Corporation (NSCFDC) –
- It was set up in Feb 1989, under section 25 of Companies Act 1956.
- Economic Empowerment of the Schedule Caste communities living below the Double the Poverty Line (DPL) Limit is the main aim of NSCFDC.
- NSCFDC provides loans at concessional rates (Term loans, Educational loans, Micro Finance) through RRBs and State Channelizing Agencies, assistance for skill development to achieve its aim of uplifting Scheduled caste communities.
2) National Scheduled Tribes Finance and Development Corporation (NSTFDC) –
- This is a not for profit Government company established in 2001.
- The purpose of NSTFDC is to help with the economic empowerment of the Scheduled Tribes community.
- Economic Empowerment is achieved by extending financial assistance to Self Help groups (₹25 lakhs), individual members (up to ₹50,000), concessional loans to Tribal artisans, Term loans, loans under Adivasi Mahila Shashaktikaran Yojana to Tribal women, etc.
3) National Safai Karamcharies Finance and Development Corporation (NSKFDC) –
- NSKFDC was set up in 1997 as a not for profit company by the government with a share capital of ₹600 crores.
- Funds are disbursed by NSKFDC to the RRBs, Nationalised Banks, State Channelizing agencies from where the actual beneficiaries (Safai Karamcharies) receive the funds.
- NSKFDC provided the Financial assistance of ₹25 Lacs under Swach Udayami Yojana and ₹15 lacs for general scheme.
4) National Backward Classes Finance and Development Corporation (NBCFDC) –
- NBCFDC was set up in 1992 as a not for profit company by the government with the authorised share capital of ₹1500 crores.
- Economic Development of Backward classes through economic assistance, skill development, etc. is the main goal of this corporation.
- Until 2017, NBCFDC has disbursed loans ₹3575.52 crores to persons from Other backward classes.
5) National Minorities Finance and Development Corporation (NMFDC) –
- NMFDC was set up in 1994 under section 25 of Companies act, 1956 Acta not for profit company by the government.
- The Primary objective of NMFDC is to provide concessional finance to persons from Minority communities for self-employment and employment generation activities.
- The NMFDC would work for the economic development of Muslim, Christian, Sikh, Buddhist, Parsi and Jain communities which are notified minority communities as per the Government.
6) National Handicapped Finance and Development Corporation (NHFDC) –
- NHFDC was set up in 1997 by the government under the section 25 of Companies Act, 1956 with a share capital of ₹400 crores.
- This is the apex corporation which works for the economic development of Persons with Disabilities (PwDs) – Divyangjan in India.
- Financial assistance through concessional loans are provided to Handicapped persons for setting up income generating activities, higher education, etc.
7) Rashtriya Mahila Kosh (RMM)
- This is an apex and autonomous microfinance organisation under the Indian Government’s Ministry of Women and Child Development.
- RMM’s main objective is to bring about socio-economic development of women from poor sections of society by providing microcredit at concessional rates.
- The loans to poor women entrepreneurs are provided by RMM through inter-mediatory Organisations (IMO).
8) MUDRA Bank Yojana
- MUDRA Bank was launched by the PM in 2015 with the aim of providing loans up to ₹10 lakhs to non-corporate, non-farm small/micro enterprises.
- Under the scheme, loans are provided by commercial banks, RRBs, small financial banks, co-operative banks, MFIs and NBFCs.
- There are 3 types of loans under MUDRA Yojna – Shishu, Kishore and Tarun.
9) Stand up India Scheme
- Under this scheme, every bank branch has to facilitate a loan of ₹10 lakhs to ₹1 crore to at least 1 Scheduled Caste (SC) or Scheduled Tribe (ST) and one women borrower for setting up a greenfield enterprise.
- The Greenfield enterprise could be in the manufacturing, services or trading sector.
10) Venture Capital Fund Scheme
- This scheme’s objective is to promote entrepreneurship among the Scheduled Caste community of India by providing concessional finance to them.
- The scheme was launched by the Ministry of Social Justice and Empowerment.
11) Credit Enhancement Guarantee Scheme
- The scheme was announced by the Finance Minister in 2014.
- This scheme is aimed at promoting entrepreneurial spirit among the youth belonging to the Scheduled Caste of India.
- Funds are allocated to promote Startup by Scheduled Caste persons which would result in job creating and confidence building among this section of the society.
12) Prime Minister Jan Dhan Yojana (PMJDY)
- PMJDY is one of biggest Financial inclusion scheme launched in India.
- The scheme’s primary objective is to provide banking, insurance and pension facilities to the weaker sections of the Indian population.
- Under PMJDY, about 1.5 crore bank accounts were opened across the country.