India Politics
Allocation for minorities fund hiked
May 7, 2007 - 10:35:14 PM

New Delhi, May 7 - The central government contribution to the minorities fund has been raised from Rs.182.9 million in 2006-07 to Rs.700 million for the current financial year, the Rajya Sabha was told Monday.

Union Minority Affairs Minister A.R. Antulay also told the house that the share capital of the National Minority Development Finance Corporation - was raised to Rs.6.5 billion in 2004-05 from Rs.5 billion that existed before the United Progressive Alliance government came to power.

Antulay was asked whether the government had any plans to increase the corpus of the NMFDC in the light of the recommendations made in the Sachar Committee Report for economic uplift of minorities.

Antulay said the Reserve Bank of India had agreed to include 'minority communities' in the list of priority sector lendings.

He also said other public sector banks have been advised to increase the flow of credit to the minority communities and to open more branches in districts with a substantial proportion of minority communities.

'The flow of credit to minorities in these districts will be specially monitored,' said Antulay.

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