Vijaya Bank has opened retail assets centralised processing cell (RACPC) at Hubli on Thursday.
Mr B.A. Tata, Assistant General Manager, Regional Office, Vijaya Bank, who inaugurated the cell said, “The cell will be processing and sanctioning all mortgage based retail loans, like housing loans, v-rent, education loans backed by immovable property.”
“With this, the processing and sanctioning of loans will be speeded up to ensure turnaround time of 24 hours for each proposal from the date of submission of full set of documents as per the checklist,” he added.
About 18 branches which are located in and around Hubli are linked to the RACPC. The newly opened cell is to be headed by Mr Harish K. Shetty, Chief Manager, and would function independently.
Mr Tata informed that as at the end of previous financial year (2010-11) the total retail lending exposure of Vijaya Bank regional office stood at Rs 215.46 crore and with the opening of RACPC, “We are expecting a robust growth of around 40 per cent in the retail exposure during the current financial year.”