Gehlot launches online system for disbursement of NBCFDC loans

Union minister Thaawarchand Gehlot today launched an online system for disbursement of loans to the people belonging to backward classes.
The Loan & Employee Information Automation Project (LEAP) system would be used by the National Backward Classes Finance & Development Corporation (NBCFDC) to disburse loans electronically.
"With this software in place, all the demands raised by the channelising agencies will happen through electronic system, sanctions will be provided through electronic means and the utilisation of the amount sanctioned would also be relayed electronically giving details of the name of the beneficiary and their Aadhaar numbers as well as Aadhaar-seeded accounts," Gehlot said.

At the event, poor and lesser-educated beneficiaries who had undergone skill development training under various schemes of NBCFDC were awarded employment certificates, and small-time backward class entrepreneurs who have taken loans from the agency were given recognition.
Citing his own struggle in early life to rise from a very poor and illiterate family to make it to the post of Union minister, Gehlot asked the beneficiaries to give utmost importance to acquiring skills and doing hard work to reach higher levels in the society.
NBCFDC provides financial assistance to those belonging to backward classes and having an annual income of less than Rs 1.2 lakh in urban areas and Rs 98,000 in rural areas.

"We do this loaning through channelising agnecies which includes the state backward class corporations and banks, both public sector and regional rural banks. These channel partners disburse the loans to the ultimate beneficiaries and the rate of the loans depending on various schemes range from 4 to 6 per cent per annum.
"With this software in place, details of all disbursal will be available in the software making it easy for traceability of the end beneficiaries inclusive of their unique identity," K Narayan, Managing Director of NBCFDC, said.
Against provision of equity of Rs 1,124 crore by the government to the corporation, more than three times the amount, i.E. Approximately Rs 3,450 crore of loan, have been disbursed to about 25 lakh beneficiaries.