Bengal develops web-based loan management software

Kolkata: The state department of Public Enterprises and Industrial Reconstruction (PE &IR) has developed a web-based Loan Management Software (LMS) in collaboration with WEBEL for ensuring real time assessment of interest accrued on loan and smooth online payment by the companies.

The LMS that integrates the state Finance department, PE & IR department, Principal Accountant General (AG) office and loanee companies is expected to ensure online clearances by treasury and AG, Bengal office and issuance of online NOC, allowing clearances to such loanee companies. It will further ensure real-time monitoring of the process and allow companies to see their status on a real time basis ushering in overall transparency in the system.

The PE & IR department has been providing loans to sick industries for the purpose of their revival since the early eighties. Such loans were extended sometimes under approved schemes of BIFR and at times under various schemes of the government itself such as the West Bengal Industrial Renewal Scheme, 2001. “The records of such loans were maintained manually and the process of monitoring of such schemes included physical/ manual interaction with other offices like the office of the Principal Accountant General (A&E), Bengal and that of the 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 LMS will be beneficial for both the public exchequer as well as rejuvenation of closed and sick industries in the state,” said Babul Surpriyo, minister in-charge of PE&IR department who officially launched the web based LMS on Monday.

According to Smita Pandey, Secretary of PE & IR department, the loan disbursed till date has been to the tune of Rs 179 crore but payment of only Rs 56 crore was received. However, the outstanding loan due is Rs 422 crore due to the interest accrued amounting to Rs 299 crore.

Rajesh Pandey, principal secretary of state MSME & Textiles department welcomed the orientation workshop of officials of his department and PE & IR department on Companies Law 2013 and Insolvency and Bankruptcy Code (IBC), 2016 that was held on Tuesday after the launch of LMS. “There are some organisations which have been declared sick. However, the process of winding up takes a lot of time because of the ignorance about such laws at the government level. Hence, their training is of utmost importance,” he added.