Chennai: Public sector lender Indian Overseas Bank (IOB) has launched a series of Retail Loan Processing Centres across various cities to enhance efficiency in loan approvals and reduce turnaround time, according to a senior official.
Ajay Kumar Srivastava, Managing Director and CEO of IOB, announced that eight Retail Loan Processing Centres were inaugurated in Chennai through a physical event, while seven others were launched virtually across different cities.
Srivastava said the new Retail Loan Processing Centres are more than just a convenience as they represent a step towards building a smarter and more resilient banking framework.
“By leveraging digital tools and advanced analytics, we are not only reducing loan processing times but also strengthening risk management,” Srivastava said in a statement on Sunday.
The Retail Loan Processing Centres are designed to expedite the loan approval process, offering faster and more efficient services to retail customers.
This initiative is part of the bank’s ongoing efforts to improve customer experience through innovation and enhanced service delivery.
