The Union Cabinet has gave its approval to the proposal of the National Backward Classes Finance and Development Corporation (NBCFDC) for enhancement of authorised share capital from Rs. 700 crore to Rs. 1500 crore.
The NBCFDC was set up in the year 1992 with an authorised share capital of Rs. 200 crore which was enhanced to Rs.700 crore in the year 1998-99. As on 31.3.2013, this limit has been exhausted and entire share capital has been paid up.
The NBCFDC provides concessional loans to the people of Other Backward Classes (OBCs) living below double the poverty line through its various schemes.
The enhancement of the authorised share capital of NBCFDC from Rs.700 crore to Rs.1500 crore will strengthen its equity base and will help more number of persons belonging to the OBCs in getting loans and financial support.
