Maharashtra Jain Minority Development Finance Corporation Distributes ₹51 Crore In Interest-Free Loans To Needy Community Members

Mumbai: The recently established Maharashtra Jain Minority Development Finance Corporation (JMDFC) provided Rs 51 crore in interest-free loans to 511 Jain community members during its inaugural event held at Aradhya Bhakti Park in Ghatkopar. The funds, disbursed under three key state welfare programs, aim to promote self-employment, higher education, and women's self-help groups throughout the state.

Established earlier this year, JMDFC inaugurated its Mumbai office on May 28. The corporation's initial major undertaking involved distributing loans to 511 Jain individuals, symbolizing economic empowerment within the minority community. The loans were issued under the interest subvention scheme, with the corporation covering interest rates up to 12% for banks that lend to the recipients.

Beneficiaries received loan cheques at the ceremony, covering three schemes - Seth Walchand Hirachand Self-Employment Interest-Subvention Scheme, Karmaveer Bhaurao Patil Higher Education Loan Scheme, and Women's SHG Loan Scheme. Maharashtra's Cultural Affairs Minister Ashish Shelar highlighted the state's dedication to uplifting economically disadvantaged Jain community members through interest-free loans and entrepreneurship support.

Additionally, the government is planning to preserve Jain heritage by utilizing AI technology for translation and literary exchange between Prakrit, Sanskrit, and Marathi. JMDFC chairman Lalit Gandhi emphasized the need to address internal economic disparities, noting that approximately 30% of the Jain population falls into economically weaker categories.

Gandhi also reported a surge in scholarship application numbers, rising from 16,000 in 2014 to over 4.5 lakh by 2021. Initiatives planned by the corporation include Rs 1 lakh business grants for widowed women, pathshalas modernization, construction of vihardhams for monks, and leveraging funds under the Pradhan Mantri Jan Vikas Karyakram for community centers and upashrayas.