Govt mulling restructuring NMDFC: Rahman Khan

CHENNAI: Government is considering restructuring the National Minority Development Finance Corporation (NMDFC) and make it a "deposit receiving organisation also," Union Minister for Minority Affairs K Rahman Khan said today.

It wants to restructure the Corporation, a central government undertaking, to make it an organisation not dependent on government for fund allocations, he said inaugurating the annual review meeting of State Channelising Agencies (SCAs) by NMDFC here.

"NMDFC's available capital is Rs 1,200 crore which is nothing. The Ministry is considering making it a deposit receiving organisation also and the Union Finance Ministry is looking at how this can be done," he said.

By making profits, dividends can be given and above all the corporation could reach out to more people, he said.

Pitching for strengthening the SCAs, he said this could be done by a slew of measures including proper appraisal and transparency, establishment of proper audit. He favoured a committee with officials with financial expertise for appraisal of applications.

Later, speaking to reporters, he listed out the various welfare measures taken by the UPA Government for minorities, especially Muslims and also welcomed the Union Home Ministry's direction to states to set up Fast Track Courts for speedy disposal of terror cases involving Muslim youth.

To a question, he said the UPA Government "will compete its term."