Indian Overseas Bank launches 8 Retail Loan Processing Centres in multiple cities to speed up Loan Sanctions

Indian Overseas Bank (IOB), one of India’s leading public sector banks, has launched new initiatives to improve customer service and enhance the banking experience. The bank has opened Retail Loan Processing Centres (RLPC) in Chennai and seven other locations across India. It has also introduced a unique ATM at the Chennai Central Railway Station, designed to reflect the station’s heritage. These efforts are part of IOB’s focus on customer-friendly and innovative banking solutions.

The bank has opened eight RLPCs – one in Chennai in physical form and seven others virtually in major cities like Bangalore, Coimbatore, Delhi, Hyderabad, Kolkata, Lucknow, and Mumbai. These centres are aimed at speeding up the loan approval process, reducing waiting times, and offering quicker and more efficient services to retail customers. According to Shri Ajay Kumar Srivastava, Managing Director and CEO of IOB, the centres are designed not just for convenience but to make banking smarter by using digital tools and advanced analytics to improve risk management and shorten loan processing times.

These RLPCs use digital technology and automation, allowing for fast loan approvals and disbursements. This move will help make financial services more accessible and support the bank’s growth in the retail sector.

In addition, IOB has unveiled a special ATM kiosk at Chennai Central Railway Station. The ATM is designed as a replica of the station’s historic Victorian-era redbrick building, blending the old-world charm of the station with modern banking services like cash withdrawals, deposits, and balance inquiries. Shri Ajay Kumar Srivastava stated that the ATM is more than just a service point—it’s a tribute to the station’s heritage and reflects IOB’s vision of combining tradition with modern innovation.

These initiatives are part of IOB’s broader mission to improve banking services across India. By creating service points that are functional and culturally significant, IOB is reinforcing its commitment to providing easy access to banking while respecting the heritage of the cities it serves.