The National Minorities Development and Finance Corporation (NMDFC) on Thursday said it has signed an agreement with ICICI Bank for the development of financial accounting software and mobile application.
The Memorandum of Understanding (MoU) provides for the development of financial accounting software for NMDFC and State Channelizing Agencies (SCAs), loan accounting software for receiving and processing of loan applications and accounting of repayments from beneficiaries.
ICICI Bank will design, develop and deploy the application for NMDFC, provide source code and executable database information among others, an official statement said.
The customised banking software will bring greater transparency and speed of transactions in the loaning and accounting process of NMDFC as well as SCAs.
This will also facilitate submission of online applications by the targeted beneficiaries. Automation of activities of NMDFC by developing the software and mobile app would be a giant step forward by NMDFC towards accomplishing its mission of "Development with Dignity", it said.
The mandate of NMDFC, which comes under the minority affairs ministry, is to provide concessional finance for self-employment and income generation activities to the backward sections amongst the minority communities.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today