What is the name of the software launched by the National Minorities Development and Finance Corporation (NMDFC) for digitising loan accounting processes and integrating the MIS portal, including the release of mobile apps for Android and IOS?

Correct option is C

The correct answer is (c) MILAN (Minority Loan Accounting for NMDFC)

Explanation:

The National Minorities Development and Finance Corporation (NMDFC) launched the MILAN (Minority Loan Accounting Software for NMDFC) in March 2023, to digitize loan accounting processes and integrate the Management Information System (MIS) portal. This initiative includes the release of mobile applications for both Android and iOS platforms, enhancing accessibility for users. ​

Information Booster:

Purpose of MILAN: The software aims to streamline and digitize the loan and accounting processes between applicants, State Channelizing Agencies (SCAs), and NMDFC. This digitization enhances efficiency, transparency, and accessibility to NMDFC's schemes.

Features:

• Online Application Submission: Prospective beneficiaries can submit loan applications online through the MILAN portal.​
• Application Tracking: Applicants can track the status of their applications, disbursements, and repayments in real-time.​
• Mobile Accessibility: The software is accessible via mobile apps on Android and iOS platforms, providing flexibility and ease of access.​

Impact: Since its inception, NMDFC has disbursed approximately Rs. 7,803.19 crore, benefiting around 21 lakh individuals under various schemes. The introduction of MILAN is expected to further enhance the reach and effectiveness of these initiatives.