Cabinet approves more funds for OBCs

The union cabinet Thursday approved enhancement of the authorised share capital of National Backward Classes Finance and Development Corporation (NBCFDC), from Rs. 700 crore to Rs.1,500 crore, said an official statement.

The NBCFDC provides concessional loans to the people of Other Backward Classes (OBCs) living below the poverty line through its various schemes.

The enhancement of the authorised share capital of NBCFDC will strengthen its equity base and will help more number of people belonging to the OBCs in getting loans and financial support, said the statement.

The NBCFDC was set up in 1992 with an authorised share capital of Rs. 200 crore which was enhanced to Rs.700 crore in 1998-99.