MD and CEO of National E-governance Services state that MeitY will make home loans to be brought under digital document format. The process will bring vendor and supplier agreements at one stage to create endless possibilities. There will be the chance that any kind of contract can be available in Demat form.
At Indian Banks Association’s banking technology conference, he said that NESL will provide a digital documentation service for banks to make contracts electronically available.
SBI Chairman clarified that the lender has generated a loan portfolio of Rs. 65,000 Cr to make money borrowing easy for its customers just by using the bank’s mobile app Yono. And we have a plan to cross a portfolio of Rs. 1 lakh crore by the end of this year. Other than this in-principal sanction of car loans, gold, and the home loan will be provided online.
Other than digital documentation, both structured and unstructured availability of data and credit scores made online lending possible for banks.
Banks are taking advantage of technology to collect accounts’ unstructured data which includes social media.
MD and CEO of Bank of Baroda said in the last three years, the bank has grown its business by 34-40%. Whereas, the branch count has been reduced by 15% and the employee headcount is steady.
MD and CEO of IDFC First Bank said “digital banking is helping to focus on one of the significant points of banking which is smaller loan borrowers pay higher prices due to the operating cost. And digitization has reduced the fudging of identity-proof documents and bank statements.
Before digitization, banks used to have checks on each month’s loan portfolios. But now they can do it on few clicks on a real-time basis.”
