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IDBI Bank launches digital loan processing system for MSME, Agri borrowers

IBEF:  May 20, 2021

On Wednesday, IDBI Bank announced the introduction of its fully digitised loan processing system, with > 50 products for MSME and agriculture.

According to IDBI Bank, the Loan Processing System (LPS) for MSME and Agri goods merges efficiently with document storage, account administration, data fintech, bureau validations, and customer notifications, among other things.

According to the statement, the fully digitised and automated loan processing system's features are also targeted at giving a superior tech-enabled quality service to the bank's MSME and Agri customers.

Mr. Suresh Khatanhar, Deputy Managing Director, IDBI Bank said, “LPS would enable a seamless credit tenure with over 35 interface connection points to several satellite systems, with a total of > 50 product lines.”

He added, “The LPS combines with the bank's current core database, human resource management system, and other applications.”

Mr. Khatanhar said, “this service would greatly improve the client experience by reducing turnaround time.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.