IDBI Bank launches fully automated loan processing system

IDBI Bank has launched a fully digitised, end-to-end Loan Processing System (LPS) for its MSME (micro, small and medium enterprise) and agriculture customers.

The bank, in a statement, said the new system seamlessly integrates with data fintechs, bureau validations, document storage/ retrieval, account opening/ management, customer notifications, and portfolio management capabilities, along with embodied credit policy/ knock off parameters.

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Suresh Khatanhar, Deputy Managing Director, IDBI Bank, said more than 50 product lines will be on LPS, which will offer seamless credit lifecycle.

“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,” said Khatanhar.

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