As part of its technology initiatives for meeting requirements of MSME clientele,  the private sector lender, Karnataka Bank has launched an online loan application submission and credit proposal tracking system powered by LAPS for MSME customers on its website on Saturday. With opening of this portal on its website, Bank is providing facility of online submission of loan application for MSME customers and credit proposal tracking system.

This system enables customers to submit online application for MSME credit to be availed at any of the bank's branches of their choice. They will also be able to track the status of their applications, and status of application will be intimated through e-mail. Apart from online application tracking, the system will also enable customers to track the applications for MSME credit submitted directly at branches, Srinivas Deshpande, chief manager (PR), said.

Under its MSME initiatives, the Bank has hosted a number of loan products tailor made to suit the requirements of micro, small and medium entrepreneurs. The bank has nearly 160 specialised MSME branches spread over 100 clusters of 16 states across the country for lending to this sector. Through this initiative, MSME entrepreneurs may now apply for MSME credit at their convenience and also track the status of their applications online, Deshpande added.

Shares of the bank declined Rs 1.8, or 1.31%, to trade at Rs 135.85. The total volume of shares traded was 41,728 at the BSE (9.47 a.m., Monday).