Punjab & Sind Bank has issued an advisory making the PSB Mitra mobile application mandatory for conducting and recording field visits/site inspections related to Retail, Agriculture and MSME (RAM) loan proposals.
In banks, GPS-tagged photos are important for identifying the location of property mortgaged against a loan. If the GPS location of the property is recorded, the property can be identified easily. Otherwise, it can be very difficult to identify the property after a few years. Punjab & Sind Bank wants to solve this issue and has launched the app with this aim.
Features of app
The app captures the geo-tagged location coordinates along with photographs at the time of the field visit. This ensures that the visit actually took place at the reported location and that proper records are maintained. The field visit can only be initiated against the relevant Lead/Proposal, which helps maintain complete traceability of the visit with the respective loan proposal.
Another important feature is that the visit report recorded through the app is automatically synced with the LOS (loan processing software). Thus, the processing officer does not need to enter visit details again while processing the loan proposal. Bank officials can also record relevant field investigation and inspection details of the customer’s or business’s premises directly through their mobile devices.
The app also generates a Google Maps QR Code showing the location of the field visit. This QR code is reflected on the process note and can be used by the sanctioning or approving authority to verify the visit location.
Now all PSU bank employees are using GPS photos
Normally, now almost all the public sector bank employees are using GPS photos for loan visits. Some banks have their own apps for recording visit photos, whereas employees of other banks use third-party GPS photo apps to record visit photos.
