Padma Bank to provide nano loans online using AI

Padma Bank and Shadhin Fintech have signed a memorandum of understanding (MoU) to create a web and App- based platform where customers can apply for Nano loans online.

Under the system, the borrowers can submit NID and other supporting documents online which will be verified from respective organizations.

Padma Bank and Shadhin Fintech signed the MoU in this regard at an event held at Padma Bank’s Gulshan Corporate Head office.

Credit scoring and customer analysis will be done through Artificial Intelligence (AI) based models which would provide very quick decisions on all these applications.

The Nano loan product will be launched after regulatory approval of Bangladesh Bank.

The MoU was signed by Zabed Amin, Chief Operating Officer from Padma Bank and Kashfia Mahmud,CEO, Shadhin Fintech. Other senior officials of both organizations were also present on the occasion.

The fourth generation Padma Bank Limited, which is owned by the government-owned Sonali, Janata, Agrani, Rupali Bank and ICB, has fallen in vulnerable condition due to bad loans. At present the bank has been providing modern banking services to its customers through 58 branches across the country.