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South Indian Bank automates Credit

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CIOL Bureau
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MUMBAI, INDIA: South Indian Bank has set the ball rolling on the 'Credit Automation Project' ,which is expected to improve the Bank's efficiency in credit processing and sanctioning of corporate loans.

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LaserSoft Infosystems has provided the software for the implementation of this project which is claimed to show 'paperless flow" of the loan sanctioning in a unique way for the first time in the banking industry .

“The South Indian Bank which has got a strong focus on technology and service delivery will be able in futureto expedite scrutiny of the loan application, appraisal and assessment of the limits with the help of ‘Loanflo’,the corporate loan solution software .This will change the way SIB as a lender has been doing business , as it will allow automation of the entire loan processing , sanctioning and tracking system for corporate loans”, said a senior executive Dr.Joseph stated inaugurating the project.

M.Valsan ,Executive Director of the Bank explained that the new software will help in evolving a “paperless flow” of the loan sanctioning process and will also expedite sanctioning of corporate loans. “It is a unique process and is being introduced for the first time in the banking industry in India”, he added.

Among other tech initiatives, this scheduled commercial bank’s has a technology up-gradation project named ‘SIBertech’ on introducing a Centralized Core Banking Solution ‘Finacle’ in technology which has been completed and all the branchesoffices all over the country have been linked to the Centralized Data Centre at Kochi and hence 100 per cent of the Bank’s business is now absolutely on-line, adds a press note. It also has a Disaster Recovery Facility functioning at Bangalore.