north-eastern-development-finance-corporaion

ABOUT NEDFi

North Eastern Development Finance Corporation Ltd (NEDFi) is a Public Limited Company registered under the Companies Act 1956 on 9th August, 1995. The shareholders of the Corporation are IDBI, SBI, LICI, SIDBI, ICICI, IFCI, SUUTI, GIC and its subsidiaries.

ABOUT NEDFi

NEDFi is notified as a Public Financial Institution under Section 4A of the Companies Act 1956 and was registered as an NBFC in 2002 with RBI. The management of NEDFi has been entrusted upon the Board of Directors comprising representatives from shareholder institutions, DoNER, State Governments and eminent persons from the NE Region and outside having wide experience in industry, economics, finance and management.

NEDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region of India and also Microfinance through MFI/NGOs. Besides financing, the Corporation offers Consultancy & Advisory services to the state Governments, private sectors and other agencies. We conduct sector or state specific studies under its Techno-Economic Development Fund (TEDF) and is the designated nodal agency for disbursal of Govt. of India incentives to the industries in the North-East India under North–East Industrial and Investment Promotion Policy 2007 (NEIIPP 2007). Our promotional activities includes NEDFi Convention Center, NEDFi Pavillion, Promotion of craftsector etc.

Vision

To be the most preferred and trusted financial institution, excelling in customer service delivery through committed, caring and empowered employees”

Mision

“To be a dynamic and responsive organization catalyzing economic development of the North Eastern Region of India by identifying and financing commercially viable industries, providing valued advisory & consultancy services, promoting entrepreneurship through effective mentoring, skill development and capacity building of the micro, small and medium enterprises and generating sustainable livelihoods through Micro Finance and CSR activities”

Genesis

In 1994, the I. K. Borthakur Committee Report conceptualized the formation of a North-Eastern Development Bank to cater to the needs of the region. Following this report, the then Finance Minister, Dr. Manmohan Singh, in his budget speech in March 1995 announced setting up of a development bank for the North Eastern States of India.

Pursuant to this, the North Eastern Development Finance Corporation Ltd. (NEDFi) was incorporated under the Companies Act, 1956, on August 9, 1995 with its Registered Office at Guwahati, Assam. The Corporation was formally inaugurated by the then Prime Minister, Shri P.V. Narashima Rao on February 23, 1996.

At the time of its establishment, the corporation was placed under the Ministry of Finance, Banking Division for administrative purpose. However, with the formation of Ministry of Development of North Eastern Region (DoNER), Govt. of India in 2004, the Corporation has been placed under the Ministry of DoNER for administrative purpose.

Our Journey

  • Started functioning from its Head Office in Guwahati, Assam
  • Crossed the mark of Rs. 40 Cr Sanction by FY 1998-99
  • Expanded its wings to serve the unserved and underserved areas of North East through Microfinance operation
  • Started the dedicated study and techno economic research fund for North East- Techno Economic Development Fund (TEDF) funded by Ministry of Home Affairs (North East Division), Govt. of India
  • Engaged as nodal agency for disbursement of subsidy under NEIIPP
  • Within 5 years of operation, the Corporation crossed its first 100 Cr marks in terms of loan sanction to the entrepreneurs of North East by FY 2000-01
  • Initiated the popular initiative of NEDFi Haat, an initiative for market linkage of craft and traditional food products of North East in December, 2002
  • Established Research & Development Centre for Medicinal and Aromatic Plant at Khetri, Kamrup
  • The cumulative sanction figure crossed Rs. 500 Cr by FY 2005-06
  • Opened up second Research & Development Centre at Nagicherra, Tripura
  • Opened its first branch office at Dimapur in the year 2001.
  • By FY 2009-10, NEDFi opened 9 branch offices in North East
  • By year 2008-09, total sanction figure crossed Rs. 1000 Cr.
  • NEDFi started functioning from its own premised at Disour, Guwahati in the year 2010.
  • Won NBARD Rural Innovation Award in the year 2012 for its initiative of water hyacinth craft development
  • In FY 2011-12, the Corporation’s loan sanction amount crossed the mark of Rs. 2000 Cr
  • Opened 5 more branch offices by FY 2012-13
  • Started North East Venture Fund (NEVF), the first and dedicated venture capital fund for the startups of North East.
  • Started its Advisory & Consultancy Division with the mandate to act as solution provider to the central and state agencies of the North Eastern Region in the year 2012
  • Won INCLUSIVE FINANCE INDIA AWARD 2018.
  • After closing of NEDFi haat at Ambari, Guwaati; NEDFi Haat was relaunched at Rupnagar, Guwahati in 2019
  • Celebrated 25 years of successful operation.
  • Merit Award under the Outstanding Development Project Awards, Category 7, Local Economic Development for its project - “Weed to Wealth” for the ADFIAP Awards 2020 ( ADFIAP - Association of Development Financing Institutions in Asia and the Pacific)
  • Winner under the Outstanding Development Project Awards, Category 8, Financial Inclusion for its project, “NEDFi Micro Finance Scheme- An Initiative towards Financial Inclusion” for the ADFIAP Awards 2020 ( ADFIAP - Association of Development Financing Institutions in Asia and the Pacific).

Annual Report

NEDFI completes 25 years of gratifying existence in the service of contributing to the Industrial development of the Northeastern region of India. Aptly, the cover of the Annual Report this time visually reflects this momentous occasion.

Financial Highlights of FY 2019-20

INR 440.73 Crore

Worth of Loans Sanctioned

INR 319.43 Crore

Worth of Loans Disbursed

INR 1056.34 Crore

Loans Portfolio Size

INR 34.11 Crore

Profit After Tax