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Thursday, September 3, 2009
Bank of India is now in the process of automating its loan system.
The bank too has just acquired LAPS from SysArc Infomatix and is about to commission it. When fully implemented, it will be an end-to-end and totally integrated system for loan management in the bank, says Saraswati Shankar, DGM - IT, of the bank. "We will also implement a rating system alongside," she adds.
One of the significant advantages, according to Saraswati Shankar, is the facility in the system to proVide reports of various nature to the Reserve Bank of India. "In the existing dispensation, we need to prepare these reports manually, which is a cumbersome process involving manpower and time. When the system goes online, the reports will be generated from the system, which can also be seamlessly transferred to the RBI without any manual intervention. In addition, we will be providing data on individual loans to agencies like CIBIL and we in turn, will be using the credit information proVided by these agenCies."
She said the bank will be basically using the system for loan application processing, sanctioning, disbursement and monitoring.
Similarly, Vijaya Bank too has procured an automated system and is in the process of implementing it. The bank is customizing the package to suit its needs, both in the spheres of corporate and retail loan processing areas.
"The system is designed to capture details required for processing the loan proposal and it does support the tasks till sanction," says Subhash Chander Kalia, executive director of the bank. "Once the loan is sanctioned, it has built in interface to create customer 10, open the loan account in the CBS system."
Kalia explains that the bank offers loans for various purposes agriculture, SME, exports, retail, housingetc - with variations built in as per the purpose and nature ofloans applied for. "Applications in the system are designed to capture comprehensive details of the customer based on which a master is created. Ground rules are built into the system for online support at the appraisal stage and the system then gives triggers as to the eligibility of the customer. It has got high efficiency, largely due to its single point processing capabilities. However, delinquency is not captured in the system as it is basically for processing and sanctioning
The bank too has just acquired LAPS from SysArc Infomatix and is about to commission it. When fully implemented, it will be an end-to-end and totally integrated system for loan management in the bank, says Saraswati Shankar, DGM - IT, of the bank. "We will also implement a rating system alongside," she adds.
One of the significant advantages, according to Saraswati Shankar, is the facility in the system to proVide reports of various nature to the Reserve Bank of India. "In the existing dispensation, we need to prepare these reports manually, which is a cumbersome process involving manpower and time. When the system goes online, the reports will be generated from the system, which can also be seamlessly transferred to the RBI without any manual intervention. In addition, we will be providing data on individual loans to agencies like CIBIL and we in turn, will be using the credit information proVided by these agenCies."
She said the bank will be basically using the system for loan application processing, sanctioning, disbursement and monitoring.
Similarly, Vijaya Bank too has procured an automated system and is in the process of implementing it. The bank is customizing the package to suit its needs, both in the spheres of corporate and retail loan processing areas.
"The system is designed to capture details required for processing the loan proposal and it does support the tasks till sanction," says Subhash Chander Kalia, executive director of the bank. "Once the loan is sanctioned, it has built in interface to create customer 10, open the loan account in the CBS system."
Kalia explains that the bank offers loans for various purposes agriculture, SME, exports, retail, housingetc - with variations built in as per the purpose and nature ofloans applied for. "Applications in the system are designed to capture comprehensive details of the customer based on which a master is created. Ground rules are built into the system for online support at the appraisal stage and the system then gives triggers as to the eligibility of the customer. It has got high efficiency, largely due to its single point processing capabilities. However, delinquency is not captured in the system as it is basically for processing and sanctioning
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