Punjab National Bank (PNB) has launched a tech-based loan management solution ‘LenS-The Lending Solution’, to speed up and maintain accuracy in online loan processing and sanctioning of credit proposals. It is envisaged to be implemented in a phased manner for all kinds of loans. Under the Mudra scheme, the processing and sanction of credit proposals up to Rs 10 lakh including Micro, Small and Medium Enterprises ( MSME) loans (fresh, renewal, enhancement and review) will be done by LenS.
Main Purpose of PNB LenS:
- To standardise the system, process and assess formats for credit processing
- To auto-generate the loan documents for each type of credit facilities
- To reduce delay, cost and human errors involved in manual processing, digital record maintenance, security & data privacy.
- Ready to use monitoring and MIS reports for better tracking and transparency.
Important takeaways for all competitive exams:
- PNB Headquarters: New Delhi.
- PNB CEO: S. S. Mallikarjuna Rao.