BoB launches retail loan factory

The Bank of Baroda (BoB) has launched its new retail loan delivery model, called the 'urban retail loan factory' here.

The model has been designed under bank's project Parivartan, which aims to reposition the bank as a sales and service organisation, offering a complete range of life cycle and needs of each segment of customers, according to a press release.

The retail loan factory will have twin outfits comprising a sales team and a centralised processing cell (CPC), manned by the bank's employees.

Under the model, the sales executive will visit potential clients, while a team of tele-callers and other functionaries work to sanction the loan.

The bank also plans to reach out to customers through SMSoInternet, builders' tie-ups and Employee Referral Scheme.

The central processing cell shall have simple processes powered by the use of technology to ensure sanction of loan within the set timelines.