Punjab Backward Classes Land Development and Finance Corporation popularly known as Backfinco was set up by Punjab Govt. under sub section (1) of Section (3) of the Punjab Backward Classes Land Development and Finance Corporation Act, 1976 with effect from the 16 th day of July , 1976 vide Notification No. 3948- 2SW-76/20494 dated the 19th July, 1976. The primary objective of the Corporation is to undertake the task of economic upliftment of the members of Backward Classes and Minorities in the State by providing them financial assistance for self-employment programmes. Backfinco do it either on its own or in collaboration with other Corporations at the national level like National Backward Classes Finance and Development Corporation (NBCFDC) and National Minorities Development and Finance Corporation (NMDFC), New Delhi.