Mr B Suresh Kamath, Managing Director, Laser Soft said that they 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.
Explaining the features of the product, Mr. Kamath said, "Banks spend huge amounts every year on stationery to issue printed circulars to their branches on various aspects of banking operations.". He added, "with e-Circular, banks can cut down on this expenditure since the product facilitates the electronic movement of information & 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.â
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 computerized, the product will automatically send e-mails containing the circular to the concerned branch, Mr. Kamath said.
Apart from sending circulars, âe-Circularâ also facilitates the movement of forms like loan application form, legal documents, etc. Mr. Kamath said that e-Circular was a generic product and can be used in other industries too.