Public sector lender Indian Overseas Bank has launched Retail Loan Processing Centres in various cities to streamline the loan approval process and reduce turnaround times, according to a top official.
Eight Retail Loan Processing Centres were inaugurated in physical form in Chennai, while an additional seven were launched virtually across other cities, as shared by the bank’s Managing Director and CEO, Ajay Kumar Srivastava.
“Our new Retail Loan Processing Centres represent more than just convenience; they are part of our strategy to build a smarter, more resilient banking framework. By utilizing digital tools and advanced analytics, we are enhancing risk management while significantly shortening loan processing times,” he stated.
These centres are specifically designed to streamline the loan approval process, improve efficiency, and provide faster service to retail customers, Srivastava added in a statement on Sunday.
Indian Overseas Bank has established these Retail Loan Processing Centres in cities such as Bengaluru, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow, and Mumbai. Each centre is equipped with advanced digital technologies and automation capabilities, facilitating quick loan approvals. These facilities are crucial for enhancing financial accessibility and aligning with the bank’s growth strategy in the retail sector.
Additionally, the Chennai-headquartered bank has unveiled an ATM kiosk at the Puratchi Thalaivar Dr MGR Central Railway Station, a well-known landmark in the city.
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