Cabinet approves hike in authorised NSFDC share capital

New Delhi, Jan 27 (IANS) The union cabinet on Wednesday gave its approval to the enhancement of the authorised share capital of the National Scheduled Castes Finance and Development Corporation (NSCFDC) from Rs.1,000 crore to Rs.1,200 crore.

The increase in the authorised share capital of the NSCFDC, an enterprise under the social justice and empowerment ministry, was made to increase disbursement of funds to larger sections of economically deprived Scheduled Castes population.

“The approval will enlarge the quantum of funds available for economic activities, better coverage and enhanced outreach to double the Below Poverty Line Scheduled Caste beneficiaries,” said an official statement issued here.

“Enhancement of share capital would expand its ambit of coverage and increase disbursement of funds to larger sections of the economically deprived Scheduled Caste population,” it added.

The target of the NSCFDC for the year 2015-16 would be to cover 63,000 beneficiaries.

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