Public sector Indian Overseas Bank has unveiled retail loan processing centres in multiple cities aimed at streamlining the loan approval processes and reduce turn around time, a top official said.

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A Retail Loan Processing Centre was inaugurated in physical mode in Chennai while seven others were launched in virtual mode across cities, the bank's Managing Director and CEO Ajay Kumar Srivastava said.

"Our new Retail Loan Processing Centres are not just about convenience. It is about building a smarter, more resilient banking framework. By harnessing digital tools and advanced analytics, we are ensuring stronger risk management while significantly reducing loan processing times," he said.

The Retail Loan Processing Centre is designed to streamline the loan approval process, reduce turnaround time and provide faster and more efficient services to retail customers, he said in a statement on Sunday.

Indian Overseas Bank has set up the RLPCs in Bengaluru, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow and Mumbai.

Each centre is equipped with digital technologies and automation capabilities, ensuring swift loan approvals. The facilities play a pivotal role in enhancing financial accessibility and supporting the bank's growth strategy in the retail segment.

The city-headquartered bank unveiled its ATM kiosk at the Puratchi Thalaivar Dr MGR Central Railway Station, one of the popular landmarks of the city.

"This ATM is more than just a service point, it emphasises IOB's commitment towards blending innovation with tradition and stands as a tribute to the heritage of the Central Railway Station architecture, a landmark that has witnessed the evolving history of Chennai," Srivastava said.