Vision

This Corporation was established in 23rd March 1984 under companies act 1956. The aims and objective of this Corporation is to elevate the economic and social conditions of the down-trodden minorities ( Muslim, Christian, Sikh, Buddhist & Parsis) whose annual income is below the double of poverty line income i.e. Rs. 55,000/- for rural areas. They are financially assisted as a loan at a simple rate of interest of 6% per annum. This Corporation is engaged in implementing the Programmes of National Minorities Development & Finance Corporation, New Delhi as their Channelising agency.

In addition to above some of the main objectives of the Corporation are as below:
1     To aid, assist, promote, encourage, establish, render financial help by way of loan or other-wise to the financially and socially weaker and needy members of the religious minority communities.
2     To carry on the business for providing finance by way of loan of eligible members of religious minority communities in the state of Bihar by way of lending money and participating in capital of industrial enterprises.
3     To raise finance by raising loans from all India Financial Institutions.
4     To raise finance by receiving grants-in-aid and subsidies from institutions and state and central Government.
5     To create assets fro strengthening the financial position of the Company.


ACHIEVEMENT OF BIHAR STATE MINORITIES FINANCIAL
CORPORATION LTD. PATNA IN THE YEAR 2007
A NEW SETUP OF INFRASTRUCTURE

The Bihar State Minorities Financial Corporation was facing many hurdles and problems in recovery and the impact thereof was getting release of fund from National Minority Development & Finance Corporation, New Delhi since very inception and hence the immense importance was amelioration in poor recovery which was lacking due to almost nonentity of infrastructure at the district / commissioner level. The main reason behind poor recovery at grass-root level has been the lack of infrastructure at district level. Bihar constitutes of 38 districts and hence it was not vulnerable to consider all the districts to bring within the ambit of our thinking of setting district wise infrastructure. However, this problem, at the very outset, was overcome by formulating such a means, which may be result- oriented. After assiduous positive thinking the dream was coordinated into reality when we placed the proposal before the 58th BoD meeting that in the very inception all the commissionaires of our state be made operative points and as a result of nodding of the BoD, 8 commissionaires for opening BMSFC’s commissioner level offices except Patna commissioner is controlled by BSMFC Head Office, have been taken.

These 8 Commissioner level offices have been opened by the office order no. 49 dated 5-02-07. It would not be out of context to mention herein that after a great deal of exercises of curbing financial involvement, these offices have been manned with the available manpower of our Corporation so that the extra financial involvement could not come in the fore, For this, 8 Office In charges have been posted by Office order no. 97 dated 15-02-07 and 55 dated 05-02-07. Our limited financial position did never allow us to take such endeavor but despite this, drastic step has been taken with the only notion that the expenses being incurred in encashment of outstation P. D. C., Which was about Rs. 60/- per Cheque as postal charges / bank commission have been curtailed as Cheque deposited with the bank in the same district do not get such expenses levied. As such these savings are being utilized in the establishment cost of commissioner level officers. It is worth mentioning that these officers have been hired on nominal monthly rent ranging from Rs. 1000/- to Rs. 1200/- which is evident from office order no. 913 dated 08-08-07. In furtherance to this, these offices have also been manned by class iv regular employees, Who other than doing different office works are also doing the job of recovery of loan besides the Recovery Agents
 
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