NABARD Selects Polaris’ Lending Solution
The National Bank for Agricultural and Rural Development (NABARD) has chosen integrated Intellect Lending Solution from Polaris Financial Technology comprising Loan Management and Accounting modules to be the bank’s new Centralized Loan Management and Accounting System (CLMAS).
“Polaris has the right blend of cultural alignment and capabilities to meet the future IT requirements of NABARD. Polaris’ Global Universal Banking Platform, multi-entity and multilingual system and domain expertise made Polaris the right partner for NABARD in this venture,” said KS Padmanabhan, CGM, Accounts Department, NABARD.
Polaris will offer NABARD its Intellect Loan Origination, Intellect Loan Management, Intellect GL (Accounting, Budgeting, Management Information System), Training, Handholding and Helpdesk services to centralize decision making and attain access to centralized accounting across the bank’s head office and regional offices.
NABARD has agreed to implement a CLMAS solution at all its offices encompassing all Lending and Accounting Operations to align with its current and future IT requirements.
As a part of its transformational agenda, the re-positioning department of NABARD initiated several innovative measures, with CLMAS being an important part of the agenda. The objective was automation of financial transactions online and accounting at enterprise level, generation of Trial Balance on a daily basis and avoiding the reconciliation of various accounts, centralized repository of data and an efficient Management Information System (MIS).
According to the statement, the comprehensive solution is designed and developed keeping in view the special regulatory, functional, operational, security and technical requirements of NABARD.
The solution can run as per accounting standards stipulated by NABARD, in addition to being fully compliant with the IFRS guidelines.
Polaris’ Loan Management system will take care of the complete lifecycle of all types of loans and advances from origination to sanction, disbursement, repayment and account closure.
“Our product and solution approach will mitigate all foreseen challenges, reducing complexities, thus providing a future proof, highly scalable, secure and maintainable implementation for NABARD,” said Arun Jain, Chairman and CEO, Polaris Financial Technology.
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