Bank of Baroda has set up a subsidiary for centralized processing of loans. Baroda Global Shared Services has been set up in Ahmedabad’s GIFT city to undertake credit appraisal activities across the country. The bank is also setting up another subsidiary to undertake data analytics and data mining to help the bank in reaching out to customers with its loan products in a more efficient manner. While the bank has appointed Joginder Rana to head Baroda Global Shared Services, it is looking for a CEO for the data analytics unit. Four of the bank’s 13 zones have moved processing of credit proposals to the subsidiary, which will for the time being handle only retail loans. The bank has also set a new target to approve corporate loans – 15 days – against the current 30 days. Processing of corporate loans will continue to be handled at the head office in Mumbai.
