ICICI Bank And NMDFC Make A Deal For Development Of Banking Software

ICICI Bank And NMDFC Make A Deal For Development Of Banking Software: The National Minorities Development and Finance Corporation has entered into an agreement with ICICI Bank to develop financial accounting software and mobile application. As per the Memorandum of Understanding signed, ICCI will develop financial accounting software for State Channelizing agencies & NMDFC. For the purpose of receiving and processing loan applications and accounting of repayments from beneficiaries, a loan accounting software will be developed by ICICI.

ICICI Bank And NMDFC Make A Deal For Development Of Banking Software in Hindi

ICICI Bank And NMDFC Make A Deal For Development Of Banking Software

• As per the official statement, ICICI Bank will design, develop and deploy the application for NMDFC. It will also provide source code and executable database information among others
• The NMDFC and SCAs’ accounting and loaning processes would be more transparent and speedy due to the accounting software
• The targeted beneficiaries will be able to submit their applications more easily by doing this. NMDFC stated that automating its operations by creating a mobile app and software would be a huge step towards fulfilling its aim of “Development with Dignity.”
• The goal of the NMDFC is to provide low-interest loans for income-generating activities such as self-employment to the underprivileged segments of minority populations.

What Is NMDFC ?

The National Minorities Development & Finance Corporation (NMDFC) was established with the goal of promoting economic & developmental activities for the benefit of the “Backward Sections” of the notified minorities, with a preference for women and occupational groups. It operates under the administrative control of the Ministry of Minority Affairs, Government of India. The NMDFC is a public sector undertaking that was registered as a “Company not for Profit” under Section 25 of the Companies Act of 1956.