The Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (TNPF and IDCL), wholly owned by the government of Tamil Nadu, with deposits of about ₹27,422 crore, is planning to launch online services for its customers.
The company is registered with RBI as a Deposit taking Non-Banking Financial Company. It mobilises funds through various fixed deposit schemes and provides financial assistance to infrastructure projects.
A senior official said, TNPF and IDCL is building a Finance Management System and web portal and a mobile application for depositors, in order to support expansion and provide a much better service and experience for customers and enable a higher level of automation across operations. The move will bring in immediate benefits to all stakeholders and scale up for a larger base of individual and institutional investors, he added.
“Most of our customers are senior citizens. The online services will enable facilities like opening, renewal of fixed deposits, change of address, change of nominee etc. The move is also aimed at cutting the waiting time for customers,” the senior official said.
As on September 12, 2019, the company had around 10,02,310 deposits worth ₹27,422 crore, including government schemes. Of these, Active Retail (individuals and trusts) deposits stood at 1,26,142 in number and were worth ₹5,526 crore. A total of 22,918 deposits were opened from the beginning of FY 19-20 till the above date for an amount of ₹5,650 crore including renewals and fresh deposits. Fresh deposits alone stood at ₹1,780.22 crore from April 1, 2019 to August 31, 2019.
Tamil Nadu Power Finance has called for expression of interest for the selection of the payment gateway. The portal and mobile app need to be integrated with a payment gateway to facilitate online collection and payment of deposits and loans against deposits, it has said.
