National Minority Development and Finance Corporation (NMDFC) signed an agreement with ___________ for development of financial accounting software and mobile application to receive loan applications and track repayments from beneficiaries in 2022?

Correct option is B

In August 2022, the National Minorities Development and Finance Corporation (NMDFC) signed a Memorandum of Understanding (MoU) with ICICI Bank for the development of financial accounting software and a mobile application. This initiative aims to streamline the process of receiving loan applications and tracking repayments from beneficiaries, thereby enhancing transparency and efficiency in NMDFC's operations.

Information Booster

• NMDFC: A government corporation under the Ministry of Minority Affairs, established to provide financial assistance for self-employment and income generation activities to backward sections among minority communities.
• ICICI Bank: One of India's leading private sector banks, offering a wide range of banking products and financial services to corporate and retail customers.
• Objective of the MoU: To develop customized banking software and a mobile application that facilitate online submission of loan applications and efficient tracking of repayments.
• Expected Outcome: Improved transparency, faster processing of loan applications, and better management of beneficiary data.
• Significance: This collaboration represents a significant step towards leveraging technology to enhance financial inclusion among minority communities in India.