Punjab National Bank introduces loan management solution to speed up delivery

Punjab National Bank | Bank reported higher profit at Rs 620.8 crore in Q2FY21 against Rs 308.5 crore, NII grew to Rs 8,393.2 crore from Rs 6,748.4 crore QoQ. (Image: Moneycontrol)

To speed up and maintain accuracy in online loan processing and sanctioning of credit proposals, Punjab National Bank introduced 'LenS' which is a tech-based loan management solution.

PNB said in a statement, "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".

The bank also added, "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".

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 are the main purpose behind the launch of it.

For all kinds of loans such as MSME, agriculture, retail and other credit, the system is expected to be implemented in a phased manner.

Under the Mudra scheme, processing and sanction of credit proposals up to Rs 10 lakh, including MSME loans. From effect from December 1, fresh renewal, enhancement and review will be done through LenS.

Also Read: PNB ATM cash withdrawal new rules from today: All you need to know

Punjab National Bank (PNB), from December 1, has changed rules for withdrawing cash from ATMs. From now onwards, PNB account holders need a one time password (OTP) for cash withdrawal of Rs 10,000 and above from ATMs. So, if you want to withdraw Rs 10,000 and above from PNB ATMs, do carry your mobile phone on which the OTP will be sent by the bank on your registered mobile number. If you fail to carry a mobile phone then it is impossible for you to withdraw cash from ATMs.