Overview
The HBCFDC was established on January 31, 1994, as a government undertaking under the Ministry of Social Justice and Empowerment. Its primary goal is to promote the social, economic, and educational upliftment of the backward classes in Himachal Pradesh. The corporation operates under the framework of Section 25 of the Companies Act, 1956, with an authorized share capital of ₹10 crores.
Objectives
- Support Backward Classes: The corporation aims to support individuals belonging to backward classes, whose annual family income does not exceed ₹40,000 in rural areas and ₹55,000 in urban areas.
- Age Group: Beneficiaries aged between 18 and 55 years are eligible to avail the schemes.
- Educational, Social, and Economic Upliftment: It works towards improving the living standards and opportunities for people from backward classes by providing financial aid for business, education, and other socio-economic activities.
Loan Schemes
- Loan Facilities: HBCFDC provides loans to eligible beneficiaries for various approved schemes. These loans are intended to help individuals improve their social and economic standing.
- Scheme Details: The project cost is divided as follows: 85% covered by the National Backward Classes Finance & Development Corporation (NBCFDC), 10% by HBCFDC, and 5% by the beneficiaries themselves.
- Repayment Structure: The loan amount must be repaid in 20 equal quarterly installments over a 5-year period.
- Approved Schemes: Currently, there are 54 schemes approved by NBCFDC for the purpose of loan sanctioning.
Eligibility Criteria
- Income Limit: ₹40,000 for rural residents and ₹55,000 for urban residents.
- Age: Between 18 and 55 years.
Beneficiaries of these schemes can access financial assistance for education, business ventures, and other livelihood enhancement activities.
Impact
The HBCFDC plays a crucial role in promoting socio-economic equality by enabling backward classes to access funds for entrepreneurial, educational, and developmental purposes. Through this, the corporation fosters economic independence and social progress in underprivileged communities.
