IDBI Bank launches digitised automated loan processing system for MSME

New Delhi: IDBI Bank Limited has launched a fully digitised, end-to-end, Loan Processing System (LPS) for its MSME and Agri. products.

This new loan processing system seamlessly integrates with data fintechs, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock off parameters.

These features of the fully digitised and automated loan processing system are aimed at providing a superior tech-enabled banking experience to bank’s MSME & Agri. customers, the bank said in a statement.

The platform is designed to incorporate knock-off criteria & credit policy parameters for superior underwriting standards, the statement added.

Commenting on this, Suresh Khatanhar, Deputy Managing Director, IDBI Bank, stated that, ‘LPS would carry a total of more than 50 product lines and would offer seamless credit life-cycle with over 35 interface touch points to many satellite systems. The 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.”