WBMDFC was established in 1996 as per West Bengal Act XVIII of 1995, ie The West Bengal Minorities Development and Finance Corporation Act, 1995.The West Bengal Minorities Development and Finance Corporation has taken up various schemes for Economic Welfare, Scholarships, vocational training, mass awareness and career counselling which are running successfully for person belonging to the notified religious minority Communities i.e, Muslim/Christian/Buddhist/Sikh/Jain and Parsee for their economic upliftment.