Syndicate bank opts for e-circular

R Jai Krishna

CHENNAI: Syndicate Bank has opted to go for the paperless way by adopting ‘e-circular’ system for intra-bank correspondences.

Chennai-based Laser Soft Infosystems has provided its innovative product "e-Circular" to Syndicate Bank. This product facilitates the instant delivery of circulars, application formats, loan agreements from the head office of a bank (in electronic form) to all the concerned branches and offices, which are connected.

In a telephonic interview, B Suresh Kamath, managing director, Laser Soft said that his company had already implemented the product in 5,000 branches of State Bank India, and about 1000 branches of Corporation Bank and United Bank of India. The product will shortly be implemented in the seven associate banks of the State Bank group as well.

"Banks spend huge amounts every year on stationery to issue printed circulars to their branches on various aspects of banking operations. With e-Circular, banks can cut down on this expenditure since the product facilitates the electronic movement of information and guidelines. Banks can save up to Rs 1 crore annually for every 500 branches. In fact, the entire investment on the product can be recouped in a matter of months," he said.

“Banks do not have to incur any additional expenditure on information technology infrastructure since the product works on the already existing intranet of the bank. In the case of rural branches, which have not been computerized, the product will automatically send e-mails containing the circular to the concerned branch,” he added.

Besides sending circulars, 'e-Circular' also facilitates the movement of forms like loan application form, legal documents, etc. Kamath said that e-Circular was a generic product and can be used in other industries also.

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