Business

NEDFi holds annual general meeting

Guwahati, Nov 23 (NPN) | Publish Date: 11/23/2021 2:05:44 PM IST

 North Eastern Development Finance Corporation Limited (NEDFi) held its 26th Annual General Meeting on  November 23 at its registered office at Guwahati to present its annual report for the Year 2020-21 to shareholders. 

Welcoming the shareholders CMD NEDFi Shri PVSLN Murty shared the CMD’s speech highlighting its achievements . 

A press release by the PR department of NEDFi stated that despite the unstable economic scenario due to pandemic, the Corporation anticipated challenges early and made continuous and rigorous efforts to improve its working results and have  successfully demonstrated its inherent strengths and resilience by recording appreciable growth. 

Income and Earnings

In FY 21, the gross income of the Corporation increased year-on-year by 16.97% to Rs.184.84 

North East Venture Fund

The North East Venture Fund, set up jointly with the Ministry of DoNER and SIDBI with a corpus of Rs.100 crore, is operated and managed by our subsidiary, NEDFi Venture Capital Ltd. (NVCL). The Fund promotes and supports startups, early stage and growth stage Companies with new products and technologies or innovative business models. 

Corporate Social Responsibility

The Corporate Social Responsibility (CSR) policy of the Corporation focuses on women empowerment, livelihood enhancement projects, employment enhancing vocational skills and development of craft sector in the rural & backward areas. 

The Corporation is also facilitating marketing support to the artisans of the region through participation in exhibitions, trade fairs and sales through its various showrooms. During the year, a total of 707 artisans benefitted from the marketing support initiatives of the Corporation.

Way forward

The Corporation has made conscious efforts to nurture the entrepreneurship skills of the first generation promoters. The Corporation’s focus would continue to be on the micro & small enterprises and microfinance segments by extending financial assistance at concessional rate of interest, mentoring assistance, capacity building, etc.

 NEDFi said its objective is to bring down the credit cost for the needy and first generation entrepreneurs through  required intervention. A such, various new IT initiatives have been rolled out and new products & services introduced to cater to the customized needs of the entrepreneurs and to reach out to difficult areas for affordable credit directly and through MFIs.

In his address CMD NEDFi thanked the members of the Board and the support from the M-DoNER, the state governments of the region, banks, organisations in NE. He also appreciated for the trust and support of all  shareholders- IDBI Bank, LICI, SBI, SIDBI, ICICI Bank, IFCI, SUUTI, GIC and subsidiaries.

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