Indian Overseas Bank (IOB) announced the opening of Retail Loan Processing Centres (RLPC) in Chennai and in seven other locations in Indiato align with itscommitment to innovation and customer-centric banking.

The new RLPCs is designed to streamline the loan approval process, reduce turnaround time and provide faster and more efficient services to retail customers, the public sector lender said in a statement.

Simultaneously, IOB virtually launched RLPCs across Bengaluru, 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, said MD & CEO Ajay Kumar Srivastava.