Indian Overseas Bank establishes locations in several cities to execute retail loans.

According to a senior official, public sector Indian Overseas Bank has opened retail loan processing centers in a number of locations with the goal of expediting the loan clearance procedures and cutting down on turnaround time.

According to the bank's managing director and CEO, Ajay Kumar Srivastava, seven retail loan processing centers were launched virtually across cities, while a physical center was opened in Chennai.

Convenience isn't the only thing at our new retail loan processing centers. The goal is to construct a more intelligent and durable banking system. We are guaranteeing better risk management while greatly cutting down on loan processing times by utilizing digital tools and modern analytics," he stated.

According to a statement he released on Sunday, the purpose of the Retail Loan Processing Center is to expedite the loan approval process, shorten turnaround times, and offer retail clients faster, more effective services.

In Bengaluru, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow, and Mumbai, Indian Overseas Bank has established RLPCs.

Digital technology and automation capabilities are installed in every center to ensure quick loan approvals. The facilities are essential to improving financial accessibility and advancing the bank's retail growth strategy.

The ATM kiosk of the city-based bank was inaugurated at the well-known Puratchi Thalaivar Dr MGR Central Railway Station.

"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," added Srivastava.