As part of the Digital India programme, the National Minorities Development and Finance Corporation (NMDFC) on Thursday launched software MILAN for digitising loan and accounting processes.
The prime mandate of NMDFC, which comes under the minority affairs ministry, is to provide concessional finance to the minorities for self-employment/income generation activities.
As per the National Commission for Minorities Act, 1992, the notified minorities are Muslims, Christians, Sikhs, Buddhists, Parsis and Jains. Under the NMDFC programme, preference is given to artisans and women.
Since its inception, NMDFC has disbursed an amount of Rs 7,803.19 crore and covered 21 lakh beneficiaries under its various schemes.
MILAN (Minority Loan Accounting Software for NMDFC) will digitise loan and accounting processes between applicants, State Channelising Agencies (SCAs) and NMDFC.
This will increase efficiency and transparency and access to NMDFC’s scheme, the financial services firm said in a statement.
The portal will enable the submission of online applications by the prospective beneficiaries, it said.
Speaking at the launch, NMDFC chairman and managing director Rakesh Sarwal said this customised software will bring greater transparency and speed of transactions in the loaning and accounting process of NMDFC and its SCAs.
This software will empower and facilitate the prospective applicants to apply for a loan from anywhere in India through online mode and they will be able to track their applications, disbursement and repayment status, he said.
This software is responsive from both sides — beneficiary as well as state channelling agencies, it added. PTI DP DP BAL BAL
