BoB launches three more loan factories

Mumbai, July 20 (UNI) Bank of Baorda (BOB), which entered into its 99th year, today launched three retail loan factories -- at Jaipur, Pune and Surat.

The ''virtual'' launch function was held at the corporate office here with skipper of the Indian cricket team Rahul Dravid, who is the brand ambassador for the bank.

Bank CMD Anil K Khandelwal, speaking to reporters on the occasion, said retail loan sector has been identified as the core thrust area for the current fiscal. The Bank had earlier launched retail loan factories at Mumbai, Ahmedabad, Bangalore, Delhi and Baroda while plans are afoot to launch the same in Chennai and Kolkata next.

The retail loan factories work on the assembly line principle and use the best in class technology, to sanction all retail loans in a maximum period of six days. The CMD said that the Bank's own staff has been especially trained to reach out to the customers and facilitate completion of various loan formalities at the door-step of the customers.

Speaking on the occasion, Rahul Dravid appreciated the various steps taken by the Bank and hoped that such innovative measures will enable the Bank to reach out to a large number of citizens and assist them in meeting their lifestyle needs.

Mr Khandelwal, later, told UNI that the Bank was working on doubling its business in the next three to four years and a special strategy has been chalked out by the Bank in this regard.

Bank general manager (retail banking) Ajay Kumar said that 40-50 staff of the bank have been deployed at each of the retail loan factories. Also, separate teams like company sales team, telecaller team and processing team have been formed for sanctioning loans in this connection, he added. Executive director of the bank, AC Mahajan, was also present on the occasion.

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