Polaris Financial Technology, has announced that National Bank for Agricultural and Rural Development (NABARD) has chosen Polaris’s integrated Intellect Lending Solution comprising Loan Management and Accounting modules to be the bank’s new Centralized Loan Management and Accounting System (CLMAS).

Polaris will offer NABARD its Intellect Loan Origination, Intellect Loan Management, Intellect GL (Accounting, Budgeting, MIS), Training, Handholding and Helpdesk services to centralise decision-making and attain access to centralised accounting across the bank’s head office and regional offices.

NABARD has agreed to implement a Centralized Loan Management and Accounting (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 daily basis and avoidance of reconciliation of various accounts, centralized repository of data and an efficient Management Information System (MIS).

Polaris will reduce the complexities for NABARD, offering various applications that can be integrated with any future applications the bank might implement. The solution is architected, designed and developed keeping in view the special regulatory, functional, operational, security and technical requirements of banks like 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 takes care of the complete lifecycle of all types of loans and advances from origination to sanction, disbursement, repayment and account closure.

KS Padmanabhan, CGM, Accounts Department, NABARD, said, “Polaris’s Global Universal Banking Platform, multi-entity & multilingual system and domain expertise made Polaris the right partner for NABARD in this venture.”

Speaking on the occasion Arun Jain, Chairman & CEO, Polaris Financial Technology, said, “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. With world-class project implementation skills, globally acclaimed Intellect suite of products and our experience, we believe we can offer NABARD a value creating solution that will fulfill all its objectives and future goals.”