TCS to manage Lakshmi Vilas Bank's back-office operations

Private sector lender Lakshmi Vilas Bank today entered into an agreement with IT services giant TCS for managing its back office operations and document management systems.

The Karur-headquartered bank has signed an agreement with Tata Consultancy Services (TCS) that will facilitate centralisation of essential processes like account opening, Know-Your-Customer (KYC) compliance, loans and advances, trade finance and ATM card management, the bank said in a statement.

Data like forms and applications collected at the branches will be sent to a centralised processing cell and data centre which will help manage the content centrally.

"This tie-up will assist the bank in providing a single platform that can be used for centralising all the processes," Lakshmi Vilas Bank Managing Director and Chief Executive P R Somasundaram said.

Centralisation will be done in two phases and the first one will entail savings and current accounts opening, centralisation of account opening under financial inclusion while trade finance, opening demat accounts and 3-in-1 accounts will be carried out in the second phase.