Minority Communities Current Affairs - 2020

Union inks Financing Agreement with World Bank to fund education of minorities

The Union Government has signed a Financing Agreement of 50 million dollars with the World Bank for Nai Manzil Scheme- Education and Skills Training for Minorities.

Under this agreement, the credit will be facilitated by the International Development Association (IDA), World Bank’s concessionary lending arm. This credit will be in the form of loan which carries a maturity of 25 years, including a 5-year grace period.

The loan funds will be used for interventions under this scheme improve the employability and performance of minority youth in the labour market.

The total project size is 100 million dollars, out of which 50 million dollars will be available as IDA credit and the remaining balance funding from the Union Budget.

About Nai Manzil Scheme

  • The central scheme is designed to address educational and livelihood needs of minority communities lagging behind in terms of educational attainments.
  • It aims to provide educational intervention by giving the bridge courses to the trainees and getting them Certificates for Class XII and X from distance medium educational system.
  • It seeks to provide trade basis skill training in four courses at the same time of formal education, in field of (i) Manufacturing (ii) Engineering (iii) Services (iv) Soft skills.
  • It intends to cover people in between 17 to 35 age group from all minority communities as well as Madrasa students.
  • This scheme will provide new avenues for minorities for continuing higher education and also open up employment opportunities in the organised sector.

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Union Cabinet approves hike in share capital of NMDFC

The Union Cabinet chaired by the Prime Minister Narendra Modi, has given its approval to increase the Authorised Share Capital of the National Minorities Development and Finance Corporation (NMDFC).

As per this decision, NMDFC’s Authorised Share Capital has doubled from Rs. 1500 crore to Rs. 3000 crore.

Cabinet also gave its approval to revise the shareholding pattern from present 65:26:9 to 73:26:1 among the Centre, States/Union Territories and Individuals/Institutions respectively. Further, approval was also given for restructuring of the NMFDC’s business model.

About National Minorities Development and Finance Corporation (NMDFC)

NMFC is Central Sector Public Enterprise (CPSE) under the aegis of Union Ministry of Minority Affairs.

It was constituted in 1994 as a non-profit making company under Section 25 of the Companies Act, 1956.

Function: NMDFC provides loans at concessional interest rates for self-employment and economic development activities to backward sections of minority communities having family income up to Rs. 1,03,000 in urban areas and Rs. 81,000 in rural areas.

In this case minority communities are Muslims, Christians, Sikhs, Buddhists and Parsis. It also includes Jains as they have been notified as a minority community recently in 2014.

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