PNB set up centralized loan processing centre to improve quality credit

NEW DELHI: Fraud-hit Punjab National BankNSE -3.13 % (PNB) today opened of its first centralised loan processing centre (CLPC) as part of its efforts to strengthen internal systems and processes. 

Under 'Mission Parivartan', a future-facing initiative to push the bank forward on its transformation journey, many steps have been taken to position the bank as a future-ready bank, PNB said in a statement. 

The bank has opened its first CLPC as well as launched a new initiative called Reach In Reach Out (RIRO) as part of efforts to improve credit quality and ensure faster processing of loans. 

This will ensure improved turn-around-time, separate Pre- and Post-sanction responsibility and enable qualitative credit assessment as well as efficient monitoring. RIRO will serve as a unique communication tool to better engage with customers and staff, PNB MD Sunil Mehta said. 

"During the most turbulent times, our domestic deposits have grown. Our customer confidence has not been impacted...Our new initiative RIRO aims to better engage with customers and staff and take this journey forward," he said.