LaserSoft centre in Mangalore

The Laser Soft Infosystems Ltd., an ISO 9001:2000 certified banking software products company, plans to set up a unit at the Software Technology Park of India at Mangalore.

It will open an exclusive BPO division for banks, B Suresh Kamath, chairman and managing director of the Chennai-based company said here on Monday.

Speaking to reporters, he said this BPO division has an export target of $1-2 million catering to the West Asia, Africa and USA.

The company has developed and successfully implemented the world's lightest core banking system (CBS) in two public sector banks in the country "" Corporation Bank, Andhra Bank and BankMuscat, Bahrain. It is under implementation at BankMuscat, Oman. Panacea Core Banking System has been developed at the Mangalore centre.

LaserSoft which had a turnover of Rs 21 crore last year and 50 per cent of this income from exports. The company has seen profits every year since its inception in 1986.

LSIL offers the cheapest hardware and lowest bandwidth which covers the entire function of retail, corporate and rural banking. While banks spend Rs 1 crore per branch for CBS, the company has implemented CBS for Corporation Bank covering 350 branches at a cost of Rs 65 lakh.

The company also concentrates on employment generation especially for physically challenged (10 per cent of the company's workforce) and economically backward classes (60 per cent of the jobs).

It employs over 500 high skilled people across six development centres like Mangalore, Chennai, Hyderabad, Bangalore and support centres in Mumbai, New Delhi, Muscat, Bahrain and Dubai.

LSIL products are currently run in 7,000 outlets of various banks and handles Rs 7,000 crore of transactions every day. It recently started LITE (Life Institute for Technical Education) which is an advanced technical institute for training physically challenged in software technology and banking domain.