Chennai: The Chennai-based core banking software company Laser Soft Infosystems Ltd has sold its e-circular product to Syndicate Bank. The software enables Syndicate Bank to send its official circulars instantly to all its branches.
According to B Suresh Kamath, managing director, Syndicate Bank is a new client for the solution. The e-circular solution has been implemented in State Bank of India, Corporation Bank and United Bank of India. "The product will shortly be implemented in the seven associate banks of the State Bank group."
Speaking about the product he said, "Banks spend huge amounts every year on stationery to issue printed circulars to their branches on various aspects of banking operations. With e-circular, they can cut down this expenditure. A bank with 500 branches can save up to Rs1 crore annually."
Banks do not have to incur any additional expenditure on information technology (IT) infrastructure since the product works on the already existing intranet of the bank. "In the case of rural branches, which have not been computerised, the product will automatically send e-mails containing the circular to the concerned branch," he added.