Punjab National Bank launches loan management solution to speed up delivery
Punjab National Bank (PNB) launches loan management solution called 'LenS-The Lending Solution'This system is envisaged to be implemented in a phased manner for all kinds of loans — MSME, agriculture, retail and other credit
New Delhi: Punjab National Bank (PNB) on Tuesday launched a tech-based loan management solution called 'LenS-The Lending Solution', to speed up and maintain accuracy in online loan processing and sanctioning of credit proposals.
After the merger, it was paramount to have a stringent loan management solution, which can be used for activities related to lead capturing, loan appraisal, sanction, and documentation, PNB said in a statement.
"PNB started development/customisation of an IT-based solution PNB LenS- The Lending Solution for loan management. It facilitates field functionaries in uniform and consistent appraisal methodology to improve due diligence standards," it said.
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The main purpose behind this is to standardise the system, process and appraisal formats for loan processing, speed up the process of credit sanctions, and auto-generate loan documents, among others.
This system is envisaged to be implemented in a phased manner for all kinds of loans — MSME, agriculture, retail and other credit.
Processing and sanction of credit proposals up to ₹10 lakh under the Mudra scheme, including MSME loans (fresh, renewal, enhancement and review) shall be done through LenS with effect from December 1, 2020, it said.
Effective 1 December, PNB changed rules for withdrawing cash from ATMs. Now, PNB account holders will need a One Time Password (OTP) for cash withdrawal of ₹10,000 and above from ATMs. Without OTP, cash withdrawals will not be possible for PNB account holders. According to the bank, customers can now easily withdraw money above ₹10,000 between 8 PM to 8 AM. The bank on its official Twitter handle posted a tweet, "Save the dates! PNB 2.0 is launching OTP based cash withdrawals from 1st December 2020. Making withdrawals easy, banking easier."
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