IDBI Bank launches digital loan processing system for MSME, agri borrowers

NEW DELHI: IDBI Bank on Wednesday announced the launch of its fully digitised loan processing system, offering over 50 products to MSME and agriculture sector.

The Loan Processing System (LPS) for MSME and agri products seamlessly integrates with data fintechs, bureau validations, document storage, account management and customer notifications among others, IDBI Bank said in a release.

These features of the fully digitized and automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank's MSME and agri customers, it said.


"LPS would carry a total of more than 50 product lines and would offer a seamless credit lifecycle with over 35 interface touch points to many satellite systems," Suresh Khatanhar, Deputy Managing Director, IDBI Bank said.

He said 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, Khatanhar said.