Technology can change governance and make ordinary people’s lives easier. The problem is not the usability of the technology, but the attitude of those who must first realize its relevance before they have the “courage” to use it. The young IAS official Chandra Kant Kamble did this in an old and conservative organization. Tamil Nadu Power Finance and Infrastructure Development Co., Ltd. (TNPFC) was established in 1991. It is a wholly-owned state-owned public sector enterprise and registered as a non-bank financial company (deposit).
TNPFC started with a capital of 9.9 million rupees. By 2019, deposits have grown to 33,000 crore rupees. The company mainly raises funds through public deposits and has been providing funding for infrastructure projects undertaken by Tamil Nadu Power Generation and Distribution Co., Ltd. (TANGEDCO). As of March 31, 2021, the company’s paid-in capital is Rs. 3767 Chrome TNPFC has been a profitable company since its establishment. The total amount of financial assistance provided to TANGEDCO for power generation and related projects through long-term and short-term loans is Rs. 156,000 crore rupees. TANGEDCO’s outstanding net loan is Rs. 31.3.21 is 39,984.79 Cr.
Time deposit service Time deposits are mobilized from the public, institutions, government departments, and state government programs, such as the cash reward program, the breadwinner program, the Chief Minister’s Girl Protection Program, the Oru Kala Pooja program, and the Covid 19 program. The average interest rate offered by the company is 150 basis points higher than the interest rate offered by public sector banks. Due to targeted policies and attractive interest rates for fixed deposits, deposits may grow steadily even during the pandemic. Traditional challenges of TNPFC When Chandra Kant took over as the managing director of TNPFC in 2018, it faced old database issues such as data integrity, redundancy, partial data, and data diversity. The company has fewer than 50 employees, and none of the branches have digital channels, such as portals or mobile apps.
TNPFC cannot collect payments online for creating new fixed deposits. In addition, the company cannot renew or close existing fixed deposits online. Public depositors need to visit the Chennai branch to receive the proceeds of closing time deposits through a check tool. IT compliance and the regulatory direction of the covid pandemic accelerate the pace of TNPFC’s digital transformation, covering new deposits, renewals, closures, nominations and other change request services requested by the entire customer Solution framework: innovation, process change, technology adoption and capacity building Innovation Create full-fidelity deposit accounts based on online portals and mobile applications for existing and new depositors, thereby providing 24 x 7 x 365 deposit creation services-this is the first government-controlled NBFC.
News Source : The Daily Guardian