IDBI Bank launches fully digitised Loan Processing System for MSMEs
By Leandra Monteiro
IDBI Bank Limited recently announced the launch of its fully digitised, end-to-end, Loan Processing System (LPS) for its MSME and Agri products. This new loan processing system integrates with data FinTechs, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock off parameters.
The features of the fully digitized and automated loan processing system are further aimed at providing an advanced tech-enabled banking experience to the bank’s MSME and Agri customers. The platform is designed to incorporate knock-off criteria and credit policy parameters for improved underwriting standards.
Commenting on the launch, Shri. Suresh Khatanhar, Deputy Managing Director, IDBI Bank stated that, “LPS would carry a total of more than 50 product lines and would offer seamless credit lifecycle with over 35 interface touch points 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.”