Public Sector Banks in India, have
been advised by Government of India-Ministry of Finance-Department of Financial
Services vide Lr.No.F.No.11/17/2011-FI, to introduce the Online filing and
tracking of Loan Applications.
The major advantage of online filing
is the increased transparency coupled with a tracking mechanism.
As a pilot run, a group with
officials drawn from Punjab National Bank, Allahabad Bank and Syndicate Bank
was constituted to develop the necessary IT applications.
The group developed and tested few
IT applications in their respective banks. As the results were satisfactory,
the online filing/tracking of loan applications was adopted by the above banks.
As considerable work on development
and implementation of these IT Applications was done by the Group, Department
of Financial Services- MOF felt it would be better for all the PSB’s to adopt
them, rather than develop on their own.
This would lead to faster rollout of
the online filing/tracking of loan applications and also the collective wisdom
can lead to system efficiencies.
Accordingly, PSB’s have been advised
to integrate the IT Applications relating to online filing/tracking of loan
applications with their bank’s system, by 31st August 2012. Banks may make the
necessary modifications as required.
A snapshot of loans for which online
filing can be introduced are: -
Education
Loan
MSME
Loan
Vehicle
Loan
Kisan
credit card
Farm
Mechanization loan
Dairy
Development loan
Kalyani
card
Housing
Loan
Professional
& Self Employed
Personal
loan
The bank customers to reduce the
time in online filing should have all the required information and the scan
copies of the documents, prior to the commencement of process in the respective
banks website.
Once
the application is filed successfully, the registration number will be
displayed. Further tracking can be done on the basis of the registration
number.
Bank
of Baroda online Education
Loan, Union Bank of India Education
Loan, Syndicate Bank online Loans,
Directorate
of Institutional Finance, Madhya Pradesh online loans, Allahabad
Bank online MSME Loan,
