Government of Maharashtra had decided in 1998 to establish Maharashtra Other Backward Classes Finance and Development Corporation, which has been registered on 23.04.1999 under the Companies Act 1956. The Government of Maharashtra has nominated this Corporation as a State Channelising Agency of N.B.C.F.D.C. vide letter dated 15 11.1999. After creating infrastructure and obtaining Block Government Guarantee, this Corporation has started disbursement of the loan to the beneficiaries from July 2001.

Target population of Corporation:-

As per Census-2001 the population of the State is 9.67 crores. With the incremental growth it is now nearly 10 crores, out of which 52% population is O.B.C., which comes to 5.2 crores. Considering 4 persons as a family, about 1.3 crores families belong to O.B.C.'s.

The income criterion for the schemes is double the BPL income limit. As per the Government of India poverty estimates for 1999-2000 percentage of population below poverty line of Maharashtra is 25.2. Hence, 50% targeted population of 1.3 crores family comes to 65 lakhs families. It will indicate the volume of target group. With the reductioning of employment in public, private and agricultural sector, the landless labors as well as unemployed youths are eager to start their self-employment activities. If they are not provided either employment or self-employment, these young youth can fall prey to antisocial activities. Hence, it will create social unrest among the people. It has been observed in evaluation reports of the schemes, the youths are eager to engage themselves for economic activities which will not only help the individual family but it will help to increase the socio-economic growth, in terms of living standards, education and health. Hence, there is need to help them at appropriate stage.

Share Capital of Corporation :

The authorized Share Capital of the Corporation is Rs.50.00 Crores, out of which Paid-up Capital released by the Government of Maharashtra is Rs.38.87 Crores. A provision of  Rs.7.00 Crores has been made by the Government in the current financial year 2007-08.

Position of Accounts of the Corporation :
Annual Report for  final account of F.Y.1999-00 and 2000-01 were approved in Legislative Assembly. Account for F.Y.2001-02 are finalized by Statutory Auditors and the approval of "Annual Report" is in progress from Legislative Assembly. Statutory Audit for   2002-03 and 2003-04 accounts are completed. After completion of Audit from Accountant General, Mumbai,  Corporation will submit the "Annual Report" to the Legislative Assembly.
Internal Audit for 2004-05 and 2005-06 accounts are completed and  Internal Audit of  2006-07 accounts is in progress