NMDFC signs a pact with ICICI Bank for the development of banking software and an application

The National Minorities Development and Finance Corporation (NMDFC) announced on Thursday that it has signed an agreement with ICICI Bank for the development of financial accounting software and a mobile application.

The Memorandum of Understanding (MoU) provides for the development of financial accounting software for the NMDFC and State Channel Agencies (SCAs), loan accounting software for receiving and processing loan applications and Accounting for beneficiary reimbursements.

ICICI Bank will design, develop and deploy the application for NMDFC, including providing source code and executable database information, an official statement said.

The customized banking software will bring greater transparency and transaction speed to the lending and accounting process of the NMDFC as well as the SCAs.

This will also facilitate the submission of online applications by the targeted beneficiaries. Automating NMDFC’s business by developing the software and mobile app would be a giant step for NMDFC towards fulfilling its mission of “development with dignity”, he said.

The mandate of the NMDFC, which falls under the Ministry of Minority Affairs, is to provide concessional funding for self-employment and income-generating activities to backward sections of minority communities.