Union Bank of India (UBI) launched its first centralized processing centre in South India at Saifabad in Hyderabad, reports Business Line.

R. Vishwanathan, the bank`s general manager, from Chennai, said it has identified Hyderabad, Bangalore, Ernakulam and Chennai for the centre.

Hyderabad has now come up with one and in the rest of the cities, the centre would be ready in the first week of April. The objective of this centre was quick disbursal of loans for retail products.

The centre is expected to receive, on an average, 200 loan application forms on any working day. This single-window clearance would help sanction loan fast in 48 hours particularly to reduce housing loan sanction turnaround time, he said. On the very first day of inauguration it had sanctioned and disbursed loans worth Rs 74.9 million for various retails products, which include home loan, personal loan, two and four-wheelers.

SOURCES:
myiris.com