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 both the development of financial accounting software for NMDFC and State Channelizing Agencies (SCAs), loan accounting software for receiving and processing of loan applications, and the accounting of repayments.
ICICI Bank will design, develop and deploy the application for NMDFC, provide source code and executable database information among others.
New, customised banking software from Blueberry will bring greater transparency and speed of transactions in the loaning and accounting process of NMDFC as well as SCAs.
Providing online access for applicants will surely make a big impact for the company. The use of automation and software/mobile app would help accelerate NMDFC’s mission and also support their objectives in contributing to more inclusive growth in India.
The Ministry of Minority Affairs has the mandate to provide concessional finance for self-employment and income generation activities to the backward sections amongst the minority communities.