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"We bought LAPS (Lending Automation Processing System)… an end-to-end loan automation system. Today, the entire process of loans – documentation to execution to monitoring to NPA management - is done through the system and all types of loans - corporate, SME, retail, personal, vehicle, agricultural, etc - are processed and serviced through the system. The system also helps in the recovery proceedings and generates EMI alerts, default notices and even legal notices.
T. K. Srivatsava (General Manager - IT)
One of the significant advantages is the facility in the system to provide reports of various nature to the Reserve Bank of India. "In the existing dispensation, we need to prepare these reports manually, which is a cumbersome process involving manpower and time. When the system (LAPS) goes online, the reports will be generated from the system, which can also be seamlessly transferred to the RBI without any manual intervention. In addition, we will be providing data on individual loans to agencies like CIBIL and we in turn, will be using the credit information provided by these agencies.“
Saraswati Shankar (Deputy General Manager - IT)
The proposed LAPS system will help integrating all the systems with business applications to provide a comprehensive pre-disbursement platform. The bank has also put in place an alert / warning mechanism to automatically issue warnings in case accounts are approaching certain risk situations like an account approaching towards being NPA or exposure limits being crossed, etc.
R. K. Srivastava (Chief General Manager)