India’s leading public sector lender, 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.
As per a statement released by the lender, post 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 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 Rs 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.
From December 1 onwards, PNB changed rules for withdrawing cash from ATMs. As per the latest rules, bank customers will be required to give an OTP for ATM cash withdrawals of Rs 10,000 and above.