RD FD – A TECHNOLOGICAL BOON TO MICROFINANCE

MICROFINANCE, if described in simple words is the offering of microloans to those sections of our society who are looked down upon by the so called  higher classes . This concept  came into existence in the late 1970’s . It was mainly built with the motto of curbing out poverty from a nation. Microfinance mainly captured the market of developing countries like INDIA .  Initially , banks were not supposed to provide microloans  because of the fact that the people applying for loans used to have no or very little assets . But now-a-days , commercial banks like the gramin banks have come up in rural areas to provide the  under-priviledged classes of the society indirectly proceeding towards rural development.

Now came into existence the software built to fulfill the tasks of these institutions or organizations . RD FD  is one such software instituted to perform different tasks involved in managing a microfinance organization. RD  stands for recurring deposit and FD stands for fixed deposit . The various features of this software which makes it a technological boon for a microfinance organization are as follows:

• This software enables options for  members’ registration and agents’ registration online.
• The software is responsible for any kind of accounts transactions such as account opening , renewal of an account , closure of any account etc.
• If the divisional manager or a branch manager wants to block a member or an agent , he can also do that with the help of RD FD software.
• Pre - maturity closing of an account.
• It acts as an instalment master.
• It creates a daily collection report and saves it the data in the data storage.
• If any account gets matured that maturity report is also placed in the software.
• Due renewal report is also generated through this software.
• It calculates commission of each agent and generates commission report.
• RD FD software maintains member and agent login details.
• Which customer is enrolled under which agent – this information is also generated and stored through this software.
• Cheque printing , bond printing , web based manual printing are fulfilled with the help of the above mentioned software.
• SMS and e-mail integration are important features of this.
• Alerts and reminders through smss and e-mails are an added advantage.
• It controls branch management of every microfinance business .

 

• If any of the loaned person fails to give the loaned amount on time  , this software automatically generates penalty statement in the name of the customer.
• The all in all account reports are retrieved from the data storage by this software without any internal errors and with efficiency.
• As every coin has it two sides – the bad side and the good side . Same is the case with RD FD Software . Its negative point is that for a small microfinance firm it is very difficult to buy this microfinance software because it is very costly.