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The Micro-Finance Development Fund (MFDF) managed by National Bank for Agricultural and Rural Development (NABARD) has been re-designated as Micro-Finance Development and Equity Fund (MFDEF) with the corpus enhanced from Rs. 100 crore to Rs. 200 crore as announced in the Budget Speech for 2005-06. The fund is aimed at augmenting the equity of Micro Finance Institutions, which provide micro credit and other financial services to low income households and small informal businesses. The objective of MFDEF do not envisage extending assistance / support for National Rural Employment Guarantee Scheme.
This information was given by Shri S. S. Palanimanickam, Minister of State for Finance in reply to a question by Shri Prahlad Joshi in Lok Sabha Today.
BSC/BY/DT-158/05
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