On December 1, 2020 Punjab National Bank (PNB) developed and launched ‘PNB LenS-The Lending Solution’, an IT(Information Technology) based lending solution for loan management.
Aim: To increase the speed and maintain accuracy in online processing of loans and sanctioning of credit proposals.
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.
i.Under the Mudra scheme, the processing and sanction of credit proposals up to Rs 10 lakh including MSME(Micro, Small and Medium Enterprises) loans (fresh, renewal, enhancement and review) will be done by LenS.
iii.This is effective from December 1, 2020.
About PNB LenS:
- It enables field functionaries in uniform and consistent appraisal methodology. This improves the due diligence standards.
- The system is expected to be implemented in a phased manner for all kinds of loans(MSME, agriculture, retail and other credit).
PNB Launched OTP Based Cash Withdrawals
PNB launched OTP(One Time Password) based cash withdrawals, effective from 1st December 2020.
i.The PNB account holders if withdraws Rs 10,000 and above from PNB ATMs(Automated Teller Machines), at a time between 8 pm and 8 am, will require a OTP.
ii.At the process of withdrawal at ATMs, an OTP will be sent to the account holders registered mobile number.
iii.This launch is to ensure a secured transaction.
Recent Related News:
On September 25, 2020 Fino Payments Bank Limited(Fino Payments Bank) in association with fintech partners has introduced Near Field Communication(NFC)-based contactless payments solution for mass transit
systems, particularly for state bus transport services in India. It was developed by Fino Payments Bank in partnership with fintech firms like City Cash.
About Punjab National Bank (PNB):
PNB is India’s 1st Swadeshi bank. With effect from April 1, 2020, the bank was merged with Oriental Bank of Commerce(OBC) and United Bank of India(UNI)
Managing Director(MD) and Chief Executive Officer(CEO)– CH S.S. Mallikarjuna Rao
Headquarters– New Delhi, India
Commenced Operations– April 12,1895
Tagline– The name you can bank upon