Banking Software News:

State Bank of India Acts to Expand Term Deposit Business

Toronto, Canada – July 23, 2007: Strategic Information Technology Limited (“SIT”) is pleased to announce that State Bank of India (Canada) (SBI Canada) has chosen Portfolio Plus to help increase their success in the Canadian financial market.

“Our investment and success in the Canadian financial market continues to grow stronger each year”, says R. Vijayendran, Senior Vice President of SBI Canada. “SIT’s Portfolio Plus product will help continue this trend. The Portfolio Plus CANNEX interface makes our deposit products available to a wider audience of professionals and advisors.”

Portfolio Plus offers a Plug-In Banking platform that is affordably priced and scalable for large or small deployments. Installations of Portfolio Plus can include modules for web banking, loans, mortgages, term deposits, investments, accounting, retail banking, CANNEX, FundSERV, ATM/POS switch interfaces, and more.

“On behalf of Strategic Information Technology, I’d like to thank SBI Canada for their decision to move forward with our term deposit module of Portfolio Plus”, says G. Robert Leeming, President of SIT. “I am convinced that choosing this solution will help SBI Canada further integrate into the Canadian financial industry. We are excited to help this happen.”

About State Bank of India (Canada)

State Bank of India (Canada), a wholly owned subsidiary of State Bank of India, has been operating in Canada at two locations (Toronto and Vancouver) for more than a decade, extending various facilities to Indians settled in Canada, such as remittance of funds, through a network of over 9000 offices of State Bank of India, the largest commercial bank in India. SBI Canada has also been instrumental in fostering trade ties between India and Canada by extending financial, advisory and logistic support to Canadian and Indian Corporations.

State Bank of India is the largest bank in India with over 180 years of banking experience. Today, State Bank of India ranks among the top 25 commercial banks in Asia with assets exceeding US$145 billion. State Bank of India operates worldwide through an extensive network, with 50 offices in 34 countries.

For more information on State Bank of India, their products, services and latest updates on Indian economic and banking developments, please visit www.statebankofindia.com

About SIT

SIT, formed in 1988, develops and markets Portfolio Plus, an extensible banking system that enables customers to plug-in new functionality as required. This is accomplished via SIT's unique Plug-In Banking^TM architecture and a Financial Services Bus^TM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, CANNEX, FundSERV, leasing, Equifax and Trans Union credit bureau interfaces, registered investment products, and much more. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.

SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.

Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.

For more information, please contact:

Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com