India’s leading public sector bank Punjab National Bank (PNB) has announced the launch of PNB LenS which is a tech-based loan solution. This solution is used to speed up and maintain accuracy in online loan processing and sanctioning of credit proposals. PNB is implementing this system in a phased manner for all kinds of loans including MSME, Agricultural, Retail, and other credit. The processing and sanction of credit proposal up to Rs10 lakh under the Mudra scheme will also be done through PNB LenS.
According to Punjab National Bank, it was more important to have a strict and precise loan management solution, that can be used for activities related to lead capturing, loan sanction, appraisal, and documentation. The PNB LenS facilitates field functionaries in uniform and consistent appraisal methodology to improve due diligence standards.
The main objective behind the PNB LenS solution is that to speed up the process of credit sanction, to standardize the system, process and appraisal format for loan processing, auto-generate loan document, reduce delay, human errors, and cost involved in manual processing, security & data privacy, digital record maintenance and ready to use monitoring and MIS reports for better tracking and transparency. Punjab National Bank has implemented this lending solution for 1st December 2020.
Punjab National Bank is improving their security and efficiency by implementing new improvement and focus to provide safe and easy banking to its customers, as a leading public sector bank they are trying to improve their banking function by new technology and ideas. PNB is showing a new way of doing banking.
Punjab National Bank also introduced OTP based cash withdrawal in which the customer needs their registered mobile number to withdraw cash of Rs 10,000 and above from a debit card. The customer should simply type in the OTP received to their registered mobile number in the ATM. Now if customers fail to carry their cell phones then it is impossible to withdraw money from the ATM. OTP-based cash withdrawal was also implemented on December 1st, 2020. This technique is used by the bank to reduce skimmed/clone card fraud and provide security to its customer’s wealth.