Context: The Parliamentary Standing Committee advocates for increased representation in the National Scheduled Castes Finance and Development Corporation (NSFDC). Currently, only 2 out of the 15 Directors on the Board are from Scheduled Castes.
About NSFDC
- Set up in 1989 as a Company “not for profit" under Section 8 of the Companies Act 2013 (earlier under Companies Act, 1956). Its functioning exclusively for the development of the Scheduled Castes
- Objectives: To finance the income generating activities of SC beneficiaries having annual family income up to Rs. 3.00 lakh.
- Financial assistance of target group: By way of loans, Skill Training, Entrepreneurship Development Programmes and providing Marketing Support through State Channelizing Agencies (SCAs), RRBs, Public Sector Bank & other institutions.
- Managed by: Board of Directors with representation from Central Government, State Scheduled Castes Development Corporations, Financial Institutions and non-official members representing Scheduled Castes.
- Share Capital: Rs 1500 crores and the Paid up Capital is Rs. 1500.00 crore (as on 2021).