Statistical analysis and simulation products developer Cranes Software International Ltd. has signed an agreement with L&T Finance Ltd, the financial arm of Larsen & Toubro, to implement a microfinance lending solution.
A Cranes Software spokesperson did not disclose the financial terms of the agreement, but said that the solution would be implemented over the next three months across 20 branches of L&T Finance. “We will implement the Bankers’ Realm (BR.net) solution for L&T Finance and provide requisite support under a multi-user license,” said the spokesperson.
The company, which has a global base of over 350,000 users, has been implementing BR.net in India by partnering with Nairobi, Kenya-based Craft Silicon. Both companies have implemented BR.net in MFIs like the Chennai-based Equitas Microfinance, Kolar-based Rores Foundation, Coimbatore-based Indian Association of Savings and Credit, and Lucknow-based Nirman Bharati.