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Riding on the back of higher disbursements, the North Eastern Development Finance Corporation Ltd (NEDFi) posted a 21 per cent rise in net profit to Rs 55 crore during the financial year 2011-12, as compared to Rs 46 crore in 2010-11.
Disbursements grew by 19 per cent to Rs 335 crore in 2011-12 as compared to Rs 281 crore in 2010-11, according to an NEDFi press statement. The Corporation recently conducted its 17{+t}{+h} Annual General Meeting at Guwahati.
NEDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the Northeastern region of the country.
It also provides microfinance support through microfinance institutions and non-government organisations. Besides financing, it also offers consultancy & advisory services to the state Governments, private sectors and other agencies.
NEDFi’s loan book stood at Rs 841 crore. According to the release, NEDFi brought down its gross non performing assets to 5.30 per cent (7.89 per cent) and net NPAs to 1.39 per cent (1.85 per cent) during 2011-12.
Business Facilitation Centre
In a bid to promote entrepreneurship in North-Eastern States and for the development of micro and small enterprises, NEDFi has opened a dedicated “Entrepreneurs Corner” at its head office in Guwahati.
The centre will offer free and voluntary counselling and mentoring services to the potential entrepreneurs in selection of projects, assist in the preparation of detailed project report, facilitate exposure visits to industrial projects and credit linkages among others.
NEDFi has also set up five business facilitation centres at the branch level in Aizawl, Gangtok, Shillong, Silchar and Agartala.
In addition to its existing microfinance scheme, NEDFi has created “Microfinance fund for un-served and under-served areas”. This fund, which will offer advances at an interest rate of eight per cent, would be utilised through microfinance intermediaries for on-lending to beneficiaries, the release said.
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