Financial Daily from THE HINDU group of publications
Tuesday, Dec 02, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 02, 2003 |
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Money & Banking
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Information Technology SBI launches trade finance solution Our Bureau
Chennai , Dec. 1 CUSTOMERS of the State Bank of India's Leather and International Branch, Chennai would now be able to get their transactions (requests for import/inland letters, advising of export letters of credit, bill negotiation advices) processed on e-mail. The branch inaugurated its Trade Finance Solution on Monday, which will enable the processing of such requests online. The branch does around Rs 3,000 crore business (export and import financing) annually. Officials said that the system would reduce transaction time to a few minutes compared to a few hours earlier. Since the system provides online updationof the centralised database located in the corporate centre in Navi Mumbai, it would also enable instant retrieval of export/import data, officials said.
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