“In-Depth Analysis Of Microfinance Schemes Of Nmdfc And Entrepreneurship Development Among Sebcs: Special Reference Delhi And Ncr”

Abstract

Human Spirit is being crushed by poverty. Half of the world’s populations - survive on less than $2 per day which is not sufficient for them to meet their basic human needs. Malnutrition, deficit of health care, houses built on substandard, illiteracy, diseases and daily suffering etc. have confined future generations in a savage cycle without hope or opportunity. Quite a number of schemes were initiated by the Government after independence, intended to reduce poverty. Nationalization of Banks was also an important step towards this direction. It was anticipated that the banks those were nationalized will aid the government in the process of accomplishing the societal objectives by carrying on the banking operations, imparting financial facility to the Socially and Economically Backward Classes (SEBCs). But the things didn’t turn out as projected as the nationalized Banks floated a significant source of credit for the agricultural purpose, traditional trades and the various artisan activities. This has set off the idea of establishing an agency for financing exclusively for the development of the poorer section of Minorities. National Minorities Development & Finance Corporation (NMDFC) was established by the Government of India in September, 1994. It was set up as a nonprofit organization and was registered under Section 25 of the Companies Act 1956. NMDFC was set up as a National Level Apex body, focusing on the welfare of Minorities as defined under the National Commission for Minorities Act 1992, It aims for the economic development of the minorities such as i.e., Muslims, Christians, Sikhs, Buddhists, Parsis and Jains.