Click to play videoNew Delhi: Acting on the Sachar Panel report, the Government could provide financial aid and micro credit to 50 lakh poor Muslims over the next five years.
A committee of top bankers has said in its report to the government that a micro credit programme similar to Bangladesh’s Grameen Bank be prepared for minorities in India.
It’s a report on the access to credit for the minorities and ways to fund their micro and macro ventures.
Top bankers in the country have come together to suggest in this report on Sachar Panel that the key to success is not subsidy in credit, but access to money at sustainable rate of interest.
"What we should aim for is maximum impact at low subsidy," said Development Credit Bank Chairman Naseer Munji.
Finance corporations to help weaker section of the society like the SC, ST and the OBCs have been in existence for many years now.
The Government funds these corporations to the tune of Rs 500 crore annually, but their impact hasn't been palpable.
A total overhaul of the National Minority Development Finance Corporation has been recommended by infusing private capital.
This body will provide credit to minorities at competitive lending rates – five million credits in the five years is what the government could aim at.
"10-15 per cent may be defaulters but 85 per cent will be honest. And the wealth of the nation will prosper," said Minorities Affairs Minister A R Antuley.
A final call on the issue will be taken by the Union Cabinet.
And in the second half of the budget session of Parliament beginning later this month the Government could table an action taken report on the Sachar Panel recommendations.
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