Indian Overseas Bank enhances customer experience with the launch of retail loan processing centres in multiple cities across India

Chennai, October 12, 2024: Indian Overseas Bank (IOB), one of the leading public sector Bank in India, in its drive towards excellence in customer experience and service delivery announces the launch of Retail Loan Processing Centres (RLPC) in Chennai as well as seven other locations in India. The Bank also inaugurated a unique heritage-inspired ATM at Chennai Central Railway Station. These initiatives align with the bank’s commitment to innovation and customer-centric banking.

The bank inaugurated a total of eight RLPCs, one in physical mode at Chennai and seven others in virtual mode across major cities. The new Retail Loan Processing Centre (RLPCs), is designed to streamline the loan approval process, reduce turnaround time, and provide faster and more efficient services to retail customers. “Our new Retail Loan Processing Centres are not just about convenience; it’s about building a smarter, more resilient banking framework. By harnessing digital tools and advanced analytics, we’re ensuring stronger risk management while significantly reducing loan processing times” said Shri Ajay Kumar Srivastava, MD & CEO, Indian Overseas Bank at the inauguration.

Simultaneously, IOB virtually launched RLPCs across Bangalore, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow, and Mumbai. Each centre is equipped with digital technologies and automation capabilities, ensuring swift loan approvals and quick disbursements. These facilities will play a pivotal role in enhancing financial accessibility and supporting the bank’s growth strategy in the retail segment.

In an impressive blend of heritage with modern banking, IOB also unveiled its iconic ATM kiosk at Puratchi Thalaivar Dr M G R Central Railway Station, Chennai designed as a replica of the historic Victorian-era redbrick station building. The ATM blends seamlessly into the station’s heritage aesthetic while offering modern banking conveniences such as cash withdrawals, deposits, and balance inquiries.

“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 Central railway station architecture, a landmark that has witnessed the evolving history of Chennai. At IOB we believe in innovating with purpose, and this initiative reflects our vision of intertwining the past with the future, seamlessly bringing banking closer to the people” added Shri Ajay Kumar Srivastava.

These launches are a part of Indian Overseas Bank’s larger vision to elevate banking services across the country by creating touchpoints that are not only functional but also inspiring. By embedding itself within the fabric of India’s most cherished locations, the bank is reinforcing its pledge to provide seamless, accessible banking to all, without losing sight of the cultural heritage that makes each city unique.