IMPHAL, October 9: The 17th Annual General Meeting of the North Eastern Development Finance Corporation Limited (NEDFi) was held on 28th Sept, 2012. The Corporation presented its Annual Report for FY 2011-12 to the shareholders, said a release NEDFi.
According to the release, NEDFi`s disbursements registered an increase of 19 percent from Rs 281 crore in FY 2010-11 to Rs 335 crore in FY 2011-12, while its Loan Portfolio grew by 26 percent from RS.668 crore in FY 2010-11 to Rs 841 crore in FY 2011-12. The Corporation`s Gross Profit grew by 29% to Rs 80.53 crore as compared to Rs 62.43 crore in the last financial year. Net Profit grew by 21% from Rs.45.65 crore to Rs 55.20 crore. The Corporation has been successful in reducing its Gross NPA from 7.89% to 5.30% and Net NPA from 1.85% to 1.39%.
NEDFi has opened a dedicated `Entrepreneurs` Corner` at its Head Office in Guwahati to offer free and voluntary counseling and mentoring services to the potential entrepreneurs in selection of projects, preparation of DPRs, exposure visits to industrial projects, credit linkages, etc., it further said.
At the Branch level, five Business Facilitation Centres (BFCs) have been opened in Aizawl, Gangtok, Shillong, Silchar and Agartala. The BFCs have been set up to provide free counseling and mentoring services to the potential entrepreneurs in selection of projects, preparation of Detailed Project Report, exposure visits to industrial projects, credit linkages, etc, it said.
The Corporation has reduced interest rates for all units with project cost up to Rs. 50 lakh to 8% p.a. to encourage first generation local entrepreneurs to set up their own enterprises, it said.
In addition to its existing Micro Finance scheme, NEDFi has created a dedicated “Micro Finance fund for Un-served & Under-served Areas”. This fund carrying an interest rate of 8% shall be utilized through Micro Finance Intermediaries for on-lending to beneficiaries. The areas identified for the fund are Dima Haso, Karbi Anglong and BTAD districts in Assam, Ukhrul, Chandel, Senapati, Tamenglong and Churachandpur in Manipur, and all the districts of Arunachal Pradesh, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura, it added.