ICICI Bank and NMDFC ink an Agreement: The National Minorities Development and Finance Corporation (NMDFC) announced that it had entered into an agreement with ICICI Bank for the creation of mobile applications and financial accounting software. According to a formal announcement, ICICI Bank will develop, construct, and deploy the application for NMDFC in addition to giving source code and executable database data, among other things.
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ICICI Bank and NMDFC ink an Agreement: Key Points
- The Memorandum of Understanding (MoU) calls for the creation of loan accounting software for the receipt and processing of loan applications as well as the accounting of beneficiary repayments, as well as financial accounting software for NMDFC and State Channelizing Agencies (SCAs).
- In addition to providing source code and executable database information, among other things, ICICI Bank will design, build, and deploy the application for NMDFC, according to an official statement.
- The NMDFC and SCAs’ loaning and accounting processes would be more transparent and swift thanks to the customised banking software.
- The targeted recipients will be able to submit their applications more easily by doing this.
- The organisation claimed that automating its operations by creating software and a mobile app would be a huge step toward realising its purpose of “Development with Dignity.”
ICICI Bank and NMDFC ink an Agreement: Aim of NMDFC
The goal of NMDFC, a division of the minority affairs ministry, is to assist the underprivileged segments of minority communities with financing for self-employment and other forms of income creation.