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Thursday, September 3, 2009
Says T.K. Srivastava, DGM - IT, of the bank: "We bought LAPS (Lending Automation Processing System) from a firm in Chennai, SysArc Infomatix. We then carried out the required customization. In addition, we have also subscribed to Crisil's rating service in order for us to be able to evaluate the corporate customers. Wipro had been the system integrator. As far as I know, Union Bank of India is the only public sector bank in the country to have an end-to-end loan automation system. Every perceivable type of loan that is sanctioned by the bank is through the system now. We began work on automating the loan system sometime in 2007 and by 2008 December, we were online. Today, the entire process of loans - documentation to execution to monitoring to NPA management - is done through the system and all types of loans - corporate, SME, retail, personal, vehicle, agricultural, etc - are processed and serviced through the system. The system also helps in the recovery proceedings and generates EMI alerts, default notices and even legal notices. What is more, it has facility to have a list of approved lawyers and the bank branches have to mandatorily send the legal notices to defaulters through these approved lawyers. The system is available at all our braches and some 5,000 users can log on to it at any given point of time."
Mahindra & Mahindra Financial Services, a non-banking finance company with a focus on the rural and semi-urban sector and which finances utility vehicles, tractors and cars, is using loan automation system in order to serve its predominantly rural clientele in a more efficient manner. "The system enables us to have swifter deployment of the existing business and new business," says Suresh Shanmugam, national head - Business Information Technology Solutions of the company. "It also helps us to collect customer information in the rural areas and make it available across the enterprise so that we can be competent, we can extend our relationships with the rural customers and
serve them more effectively and almost in real time," he adds. It is a centralized system, says Shamugam. The information
Mahindra & Mahindra Financial Services, a non-banking finance company with a focus on the rural and semi-urban sector and which finances utility vehicles, tractors and cars, is using loan automation system in order to serve its predominantly rural clientele in a more efficient manner. "The system enables us to have swifter deployment of the existing business and new business," says Suresh Shanmugam, national head - Business Information Technology Solutions of the company. "It also helps us to collect customer information in the rural areas and make it available across the enterprise so that we can be competent, we can extend our relationships with the rural customers and
serve them more effectively and almost in real time," he adds. It is a centralized system, says Shamugam. The information
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