The Hindu Business Line : NMDFC authorised capital to go up

The Union Cabinet has approved an increase in the authorised share capital of National Minorities Development Finance Corporation (NMDFC) from Rs 850 crore to Rs 1,000 crore. Accordingly, the share of Centre, States and individuals/institutions will be Rs 650 crore, Rs 260 crore and Rs 90 crore respectively. The enhanced share capital will enable the Centre to release its full budgetary provision of Rs 125 crore towards equity of NMDFC in 2009-10, Ms Ambika Soni, Union Information and Broadcasting Minister, told reporters after a Cabinet meeting today. NMDFC, a not-for-profit company, provides financial assistance to minorities living below double the poverty line for self-employment. - Our Bureau

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