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.

(This article was published in the Business Line print edition dated July 1, 2005)
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