Kolkata, Nov 19 (IANS): In an attempt to streamline the process of monitoring the recovery of loans given by the West Bengal government to sick industrial units for revival purposes, the Public Enterprises and Industrial Reconstruction Department has introduced an online loan management system.

The department said that to date the records of such loans were maintained manually and the process of monitoring such schemes included physical or manual interaction with other offices like the office of the Principal Accountant General (A&E), West Bengal and that of the state finance department, which was cumbersome and time taking.

“Due to reconstitution of the department from time to time and shifting of the office of the department from one place to another, regular monitoring of the recovery of such loans became difficult,” the department said.

However, with the introduction of the online loan management system, both real-time assessment of the interest accrued and smooth online repayment will be ensured.

The other benefits to be achieved in the new system will be the issuance of an online clearance from the treasury and online no-objection certificates allowing clearances to such loanee companies, the state Public Enterprises & Industrial Reconstruction Department has claimed.

Under this new system, such companies would also be able to see their status on a real-time basis which will ensure transparency in the entire process.

“It will be beneficial for both the public exchequer as well as the rejuvenation of closed and sick industries in the state. The system can act as a model for other departments and government organisations after necessary customisation,” the department said.