1 min read.Updated: 02 Dec 2020, 07:18 AM IST Edited By Sangeeta Ojha
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.
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."