MUMBAI 2 JUNE 2021: IDBI Bank Limited has recently launched a fully digitized, end-to-end, Loan Processing System (LPS) for its MSME and Agri products, according to a media report.
Loan Processing System (LPS) for MSME and Agri products
The loan processing system seamlessly integrates with data fintech, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock-off parameters.
These features of the fully digitized and automated loan processing system are aimed at providing a superior tech-enabled banking experience to the bank's MSME and agriculture customers.
The platform is designed to incorporate knock-off criteria and credit policy parameters for superior underwriting standards, reports added.
Deputy Managing Director IDBI Bank Suresh Khatanhar stated that 'LPS would carry a total of more than 50 product lines and would offer seamless credit life-cycle with over 35 interface touchpoints to many satellite systems. The LPS integrates with the existing core database, human resource management system, and various other applications of the Bank. This utility would considerably enhance the customer experience with improved turn-around time."
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