The Himachal Pradesh Minorities Finance and Development Corporation (HPMFDC)

Why in News?

• The Himachal Pradesh Minorities Finance and Development Corporation (HPMFDC) has distributed total loans of Rs 130.07 crore to 4,980 beneficiaries till October,2022.
• Social Justice and Empowerment Department Secretary M Sudha Devi said the corporation had disbursed loans of Rs 78.90 crore to 3,155 beneficiaries belonging to the minority communities.
• Besides, Rs 1.04 crore has been disbursed as education loans to 31 beneficiaries, and loans worth Rs 50.76 crore have been given to 1,794 disabled beneficiaries.

Targets achieved:

• The target of Rs 781 lakh fixed by the National Minorities Finance and Development Corporation for 2022-23, the corporation had achieved a target of Rs 958.95 lakh by October 31, 2022.

About The Himachal Pradesh Minorities Finance and Development Corporation (HPMFDC)

• The H.P. Minorities Finance & Development Corporation (HPMFDC) was registered under Section 25 of the Companies Act, 1956 (not for profit) on 23-09-1996 and was declared State Channeling Agency (SCA) for National Minorities Finance & Development Corporation, New Delhi (NMFDC) with the objective to give social, economic and educational up-liftment to the people of Minorities below double the poverty line in H.P. by providing financial assistance/loans to them for setting up of self employment ventures of income generating activities  and education loan for acquiring professional/technical education and job oriented degrees in India and abroad as well, as per NMDFC guidelines and schemes.
• Similarly, the Corporation was also declared State Channeling Agency (SCA)  for National Handicapped Finance & Development Corporation, Faridabad (NHFDC) on 20-01-1999 for  providing them financial assistance/ loan for setting up  of self employment ventures of income generating activities and education loan for acquiring professional/technical education and job oriented degrees in India and abroad as well.