CHANDIGARH: The Punjab government, under the leadership of Chief Minister Bhagwant Singh Mann, is continuously working to uplift the economic status of the backward classes. In the year 2023-24, the Punjab government has disbursed Rs. 25 crore to resolve NMDFC's outstanding liabilities.
Dr. Baljit Kaur, Minister of Social Justice Empowerment and Minorities, stated that the Punjab Backward Classes Land Development and Finance Corporation (BACFINCO) offers loans at low-interest rates for self-employment initiatives.
Cabinet Minister mentioned that, due to the mounting liabilities of the National Corporation (NMDFC) since 2017, no term loans have been released since year 2017-18. She also noted that previous Government did not allocate any funds to clear these liabilities. In the year 2023-24 budget, the Punjab government has allocated Rs. 25 crore to settle NMDFC's outstanding dues. The approval for disbursing this amount was granted by the Punjab government on September 29, 2023.
Dr. Baljit Kaur explained that through Backfinco, individuals from Minorities communities in Punjab can launch self-employment ventures in various fields such as dairy farming, poultry farming, beekeeping, beauty parlours, tailoring, general stores, electrical sales and repairs and more. Loans of up to Rs. 5 lakh will be provided at an annual interest rate of 6-8 percent. Additionally, under the Education Loan Scheme for Minorities students, loans of up to Rs. 20.00 lakhs for domestic education and up to Rs. 30.00 lakhs for overseas education in professional/technical fields, graduation and further studies will be offered at an interest rate of 3-8 percent per annum.
She mentioned that Backfinco, with the support of NMDFC, is dedicated to the welfare of minorities in Punjab.
Minister further stated that awareness camps will also be organized to ensure that as many individuals from the Minorities category as possible can benefit from this scheme.