Rajasthan Minority Finance and Development Co-operative Corporation Limited was incorporated on the 19th of April 2000 as a Cooperative Society under the Rajasthan Cooperative Socity Act, 1965 and The Rajasthan Cooperative Socities Rules 1966, and started its functioning from May 2000 vide order No. F.2(112)SCP/OBC/MINO./99/834 dated 26-04-2000 of Secretary Social Welfare Department, Government of Rajasthan.
The Corporation has been set up to provide loan at Moderate interest rates for self employment and employment oriented educational courses with the object to promote economic and developmental activities for the benefit of "Backward Sections" amongst the minorities.
The Muslims, Christians, Sikhs, Buddhists, Parsis and Jains (Granted Minority Status on 27/01/2014) have been notified as minorities by the Central Government under the National Minorities Commission Act, 1992.NMDFC, New Delhi Provides Loan to the Extent of 90% of the Project Cost & the remaining 5% is borne by the RMFDCC and rest 5% by beneficiary as his contribution all types of loan eg. Term Loan, Education Loan and Micro Credit Loan.
The State Government has also provided a guarantee of Rs. 115 Crore in favour of Rajasthan Minority Finance Development Co-operative Corporation Ltd. to National Minority Development and Finance Corporation Ltd. New Delhi against which NMDFC provides funds to RMFDCC on interest for further disbursement to beneficiaries as loan RMFDCC acts as State Channelizing Agency of NMDFC, New Delhi and extends support for implementing their Schemes.