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BoI opens retail hub

Our Bureau

Mumbai , June 30

THE Bank of India inaugurated the first of the seven retail hubs plans to set up across the country during this fiscal.

The bank has embarked on a series of steps towards business process reengineering, with a view to improving customer service and keeping pace with global standards, said a release. Setting up hubs is one such step.

The bank has adopted the `hub and spoke model', with a sales force working as `spokes'. Time-bound disposal system has been put in place covering retail loan products. The customers will be given home delivery service and credit decisions or disbursal will be completed within a specified time limit. The outer limit for the disposal of a home loan is 7 days and for other loans 2-3 days.

The hubs will be covered under `core banking solutions' technology, which would establish direct connectivity with other branches as well as a single point data storage and generation system.

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