ANDHRA PRADESH STATE MINORITIES FINANCE CORPORATION
NEW COLLECTORATE: SANGAREDDY MEDAK DIST
BRIEF NOTE
The Andhra Pradesh State Minorities Finance Corporation branch office is functioning since 1986 in Medak district. The main objective of the Corporation is to assist weaker sections of Minorities Viz., Mulsims, Christians, Sikhs, Budhists, and Parsis, by providing financial assistance in the shape of Margin Money/ Subsidy and Direct loans for their socio – economic development. As per 2001 Census the Minority Population of the district is 3.33 lakhs which is 11% of total district Population ie., 1) Muslims: 2,96,486 2) Christians: 34,651 3) Sikhs: 842 4) Buddhist: 611 5) Parsis: Nil.
SCHEMES;- The following schemes were implemented during the year 2010-11
1) Bankable Scheme (Individual)
2) Post Matric Scholarships(state)
3) Pre Matric Scholarships(state)
4) Post Matric (G.O.I.)
5) Pre Matric (G.O.I)
NEW SCHEMES INTRODUCED FROM THE YEAR 2008-2009.
From the financial year 2008-2009 the Government of Andhra Pradesh have decided to restructure the system of financial assistance schemes of the Corporation including the loans provided in collaboration with banks. The new systems envisage providing of 50% subsidy. The financial assistance from the AP. State Minorities Finance Corporation by way of subsidy would be linked to the credit component of banks.The revised pattern of assistance will be :
- Subsidy from corporation 50% of unit cost not exceeding Rs. 30,000/-:
- Beneficiary contribution 10%
- Bank Loan 40%
- In cases where the unit cost exceeds Rs. 60,000/- the excess portion shall come as bank finance because in no case subsidy from Corporation exceeds Rs. 30,000/-.
- Activities would be considered under agriculture allied activities, industries, small business service, transports sectors etc.,
Scholarships:
From the financial year 2009-10 the VC & Managing Director has adopted the Pre/ Post Metric Scholarships programme from District Minorities Welfare Office to A.P. Minorities Finance Corporation, Medak District.