South Indian Bank (SIB) has adopted the credit automation system ‘Loanflo' developed by Chennai based LaserSoft Infosystems for streamlining the credit processing and loan sanctioning processes.

At the inaugural ceremony, V. A. Joseph, MD and CEO, SIB said, "With special focus on technology for efficient service delivery, the bank will be able to expedite scrutiny of loan applications, appraisal and assessment of the limits with the help of the corporate loan solution."

M.Valsan, executive director, SIB said, "It is a unique process and is being introduced for the first time in the banking industry in India." Valsan explained that the new solution would help in evolving a ‘paperless flow' of the loan sanctioning process. The solution will also reduce the processing time for corporate loans.

The software has been introduced for the first time in the Indian banking industry. B. Suresh Kamath, MD, LaserSoft Infosystems, said the banking tips provided by SIB had helped his team to evolve the software.

One of the earliest banks in South India, South Indian Bank (SIB) is one of the leading scheduled commercial banks, driven by its focus on technology and service delivery.