BMI Developing Loan Tracking Software
EghtesadOnline: Bank Melli Iran, the nation’s biggest lender, is developing a new software that tracks the process of loan allocation for different projects.
According to a research conducted by the lender, one of the most important reasons behind incomplete projects and the rise in non-performing loans is lack of a proper monitoring system to track the way the credits are being spent, the official website of the bank reported. The first-of-its-kind software will be able to determine the exact cost of a project based on the initial projections made by loan experts. The software will be able to detect whether an entity is paying its share in an ongoing project to prevent a premature lending by the bank. BMI had announced that by the end of the previous fiscal year (March 20, 2017), its ratio of bad loans reached 7.8%, with the bank’s CEO, Mohammad Reza Hosseinzadeh, saying that the lender has devised a roadmap to further reduce the ratio to 5% in the next two years, Financial Tribune reported.