NEDFi Partners with Veefin Solutions to Revolutionize Digital Lending Operations in Northeast India

GUWAHATI : North Eastern Development Finance Corporation Ltd. (NEDFi) and Veefin Solutions Limited, Mumbai, have recently signed of a comprehensive contract to implement a state-of-the-art digital lending ecosystem for NEDFi which is designed to enhance credit access across the North Eastern Region of India.

Under the terms of this multi-year agreement, Veefin will deploy a complete suite of cloud-hosted solutions, including a Loan Origination System (LOS), Loan Management System (LMS), and Loan Collection System (LCS). The digital transformation will also feature dedicated mobile applications for sales and collection, alongside a specialized customer portal to provide a seamless, end-to-end digital experience for borrowers.

The solution will further integrate with various external systems, including credit bureaus, and banking APIs, to create a unified and efficient financial ecosystem.

On the occasion, CMD NEDFI Shri PVSLN Murty said that after it is fully implemented within next few months, the new software will help NEDFI reach out to entrepreneurs in far flung areas of North-Eastern Region by using technology solutions. Specially the small borrowers in unserved and underserved areas will benefit immensely from this new software. Through Mobile App solution the new entrepreneurs will be able to apply for loans thru mobile devices and existing customers will be able to see their account related information in their smart phones. The new software will also enable the Corporation to expand its basket of financial products including working capital revolving loans etc.

Lemli Loyi, Executive Director of NEDFi added that Veefin Solutions has been selected thru an extensive RFP based selection process and their LOS, LMS, LCS and mobile app solutions were found to tick almost all the boxes for NEDFi’s digital transformation requirement. Their deep functional expertise in lending and their robust, industry-standard software will be instrumental in modernizing our lending processes. This partnership is a key milestone in our mission to bring advanced financial services to the doorstep of the Northeast – he said.

Raja Debnath, Chairman & Managing Director of Veefin Solutions Ltd., added --

"We are thrilled to be a partner in NEDFi’s digital lending journey. This is a very prestigious and strategically important assignment for the Veefin group. We view the Northeast Region as vital in our efforts to help expand access to credit through technology, and we are committed to providing a secure, scalable, and high-performance platform that supports NEDFi’s growth for years to come."

Key Highlights of the Agreement:

• Comprehensive Digital Suite: Implementation of LOS, LMS, LCS, and mobile applications for employees, business correspondents, and customers

• Financial Inclusion: The platform is sized to support NEDFi’s goals of ensuring last-mile credit in the NE region

• Security & Compliance: Full adherence to RBI’s latest Master Directions on IT Governance and Outsourcing, featuring robust end-to-end encryption and real-time security monitoring

North Eastern Development Finance Corporation Ltd. (NEDFi) is the premier financial institution of North-East India with its headquarter at Guwahati, Assam. NEDFi provides financial solutions to MSME business enterprises and start-ups in eight states of North-Eastern India in various sectors like Healthcare, Tourism, Food Processing, Educations, IT enabled services, core manufacturing like Steel, Cement and other building materials.

Veefin Solutions Limited is a leading provider of digital lending and supply chain finance solutions globally. Based in Mumbai, Veefin empowers financial institutions with cutting-edge technology to automate and scale their lending operations.

Also Read: Haflong Meet Revives Demand for Gauhati HC Bench in Barak Valley, Seeks Dima Hasao Inclusion