Mumbai: The Jain Minority Development Finance Corporation of the Government of Maharashtra has signed a Memorandum of Understanding (MoU) with the National Minorities Development & Finance Corporation (NMDFC), Government of India, securing financial assistance of ₹100 crore to expand educational and self-employment opportunities for the Jain community in the state.
Agreement Signed in Delhi
The agreement was signed at the NMDFC headquarters in New Delhi. Under the MoU, the Maharashtra corporation will utilise the funds to provide concessional educational loans to Jain students pursuing higher education and extend financial assistance to young entrepreneurs seeking to establish new businesses or become self-employed.
Announcing the agreement, Chairman (Minister of State) of the Jain Minority Development Finance Corporation, Lalit Gandhi, said the financial assistance would strengthen educational, economic and entrepreneurial development within the Jain community.
Loans for Students and Entrepreneurs
He said the funding would enable deserving students to access affordable loans for higher studies while helping aspiring entrepreneurs secure the financial support required to launch their ventures. The initiative, he added, would play an important role in the overall empowerment of the Jain community in Maharashtra.
The MoU was signed on behalf of the Maharashtra corporation by Gandhi and Managing Director Meghna Shinde. General Manager Anil Kumar signed the agreement on behalf of NMDFC in the presence of Chairperson and Managing Director Abha Rani Singh.
Ceremony Attendees
The signing ceremony was attended by Sandeep Bhandari, Vikas Achha and Vipin Jain, coordinators of the Jain Minority Development Finance Corporation. Representing NMDFC were General Manager (Finance) Kumar Sudesh, General Manager (Planning) Nixon Mathur, General Manager (Accounts) Manoj Poonia and Deputy General Manager P SPaunikar.
According to the corporation, the agreement is expected to particularly benefit students from economically weaker sections of the Jain community and young entrepreneurs by improving access to government-backed financial assistance schemes. Officials described the MoU as a significant step towards enhancing the educational, economic and social empowerment of the Jain community in Maharashtra.
The Jain Minority Development Finance Corporation was established on October 4, 2024, following a demand by the Akhil Bharatiya Jain Minority Federation for a dedicated body to promote the development of religious places, social welfare activities, literacy, industry and trade, and the economic and social advancement of low-income members of the Jain community. The corporation also aims to support higher education for students and provide financial assistance to help young people and women become self-reliant by establishing businesses and industries.
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