Subsidy scheme of Minorities Finance Corporation

Subsidy scheme of Minorities Finance Corporation
Click for full image

Hyderabad: Govt. of TS has decided to release subsidy directly to the beneficiaries to the extent of Rs. 50000.

It may be mentioned that Mr. KCR had made an announcement in the Assembly that petty traders belonging to minority communities would be given subsidies for starting small business. This announcement was made to remove the hurdles caused in getting financial assistance through the banks.

It may be mentioned that Mr. M. Dana Kishore, Secretary, Dept. of Minorities Welfare released G.O. 41 on 29th August. It will benefit nearly 1500 beneficiaries.

There is another scheme to provide 80% subsidy for the loans granted up to Re. 1 lakh. For the schemes above Re. 1 lakh, the subsidy will be released through the banks.

Sources indicated that during the first phase, the amount of Rs. 50000 will be credited into the accounts of the beneficiaries directly. It will cost Rs. 180 crore for the implementation of this scheme whereas the annual budget of Minorities Finance Corporation is Rs. 143 crore.

Keeping in view the ensuing elections, Govt. has released the first installment of the subsidy.

It may be mentioned that this scheme was pending with the Department of Minorities’ Welfare for the past three years.

It is also stated that under “Own your car scheme” 342 persons will be given vehicles within a week. Under this scheme, Minorities Finance Corporation will provide 60% subsidy. The remaining amount will be released through the banks as loans.