Industrial Finance Corporation of India (IFCI) Limited Current Affairs - 2019
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Union Government has launched Venture Capital Fund for Scheduled Castes Scheme to encourage budding and existing entrepreneurs from Scheduled Castes (SCs).
It was launched by Union Social Justice Minister Thaawar Chand Gehlot in Delhi.
Venture Capital Fund for Scheduled Castes Scheme
- Objectives: To promote entrepreneurship amongst the SCs who are oriented towards innovation and technological growth by providing concessional finance to them. It also seeks to enhance direct and indirect employment generation for SC population.
- It consists of an initial capital of Rs. 200 crore.
- Industrial Finance Corporation of India (IFCI) Limited will be the Sponsor this scheme. While, Settler and Asset Management Company (AMC) will be nodal agency to operate the scheme.
- Under this scheme, Union Ministry of Social Justice and Empowerment will provide assistance of Rs. 15 crore to each 30 persons a year, in the form of loan.