Congress proposes bank for SCs, STs on lines of NABARD-Business Standard
With initial share capital of Rs 2,000 cr, proposed bank aims to finance entrepreneurial activities
The Congress party proposes to set up the National Bank for Development of Scheduled Castes (SC) and Scheduled Tribes (ST) on the lines of National Bank for Rural and Agriculture Development (NABARD).
Initially, share capital will be Rs 2,000 crore. The proposed bank will be to finance development to promote entrepreneurial activities. The party, in a bid to retain its traditional vote bank, plans to include this in its manifesto.
SC constitute 16.5% while ST are 9% of the total population. The Congress party, which is striving to tackle anti incumbency, is quite keen to lure these sections in the run up to the Lok Sabha polls.
Planning Commission's former member and the Rajya Sabha member Bhalchandrra Mungekar, who has prepared a draft in this regard, told Business Standard "Currently, there are National Finance Development Corporations for SC, ST and Safai Karmachari at the national level. State governments have set up similar corporations in their respective states.
The idea is to establish one bank on the lines of NABARD instead of separate finance corporations. The issue has been discussed in the party.'' Mungekar said the proposed bank will be fully government owned.
According to Mungekar, the proposed bank will provide funds for development and entrepreneurial activies of SCs, STs and also of safari karmachari. The bank will be work as a nodal agency.
''At present, Rs 4,000 crore is allocated for SCs and Rs 3,000 crore for STs in the annual budget for various development programmes. The proposed bank will be a one stop shop to meet the fund requirements of SCs, STs and safai karmachari. This will be in addition to the budgetary allocation,'' Mungekar said.
Initially, share capital will be Rs 2,000 crore. The proposed bank will be to finance development to promote entrepreneurial activities. The party, in a bid to retain its traditional vote bank, plans to include this in its manifesto.
SC constitute 16.5% while ST are 9% of the total population. The Congress party, which is striving to tackle anti incumbency, is quite keen to lure these sections in the run up to the Lok Sabha polls.
Planning Commission's former member and the Rajya Sabha member Bhalchandrra Mungekar, who has prepared a draft in this regard, told Business Standard "Currently, there are National Finance Development Corporations for SC, ST and Safai Karmachari at the national level. State governments have set up similar corporations in their respective states.
The idea is to establish one bank on the lines of NABARD instead of separate finance corporations. The issue has been discussed in the party.'' Mungekar said the proposed bank will be fully government owned.
According to Mungekar, the proposed bank will provide funds for development and entrepreneurial activies of SCs, STs and also of safari karmachari. The bank will be work as a nodal agency.
''At present, Rs 4,000 crore is allocated for SCs and Rs 3,000 crore for STs in the annual budget for various development programmes. The proposed bank will be a one stop shop to meet the fund requirements of SCs, STs and safai karmachari. This will be in addition to the budgetary allocation,'' Mungekar said.
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