A Venture Capital Fund for Scheduled Castes (SCs) has been under implementation in the Department of Social Justice and Empowerment from 2014-15 under the IFCI Venture Capital Funds Ltd. There had been an increasing demand for a similar fund for the OBCs. Also the Group of Secretaries on Education and Social Development had recommended the setting up of a Venture Capital Fund for Backward Classes (BCs). In the SFC meeting held on 22.12.2017 under the Chairmanship of Secretary, SJ&E it was decided to include Backward Classes component under the Venture Capital Fund for SCs. Operational Guidelines for Venture Capital Fund for Backward Classes Entrepreneurs (VCF-BC) was notified on 05.02.2018.