[sbinews] SBI plans JV with a IT company (Business Standard)

  • From: "Rajendra S Pai" <rajendra.pai@xxxxxxxxx>
  • To: sbinews@xxxxxxxxxxxxx <sbinews@xxxxxxxxxxxxx>
  • Date: Fri, 5 Dec 2003 19:11:55 +0500

SBI plans JV with a IT company
Business Standard

State Bank of India is planning a joint venture with a reputed IT company in a 
bid to bring its technology level at par with the competitor private and 
foreign banks. 

Minister of State for Finance, Anandrao Adsul said, "SBI is planning a JV with 
a reputed it company. SBI is identifying a suitable partner for the joint 
venture alliance." 

He said public sector banks are facing competition from foreign and private 
banks due to technological advancement. 

The challenge for SBI is still bigger because of its large network of branches, 
some in remotest corners of the country, he said. 

Networking of branches and maintenance of equipments would require substantial 
effort and any in-house effort will not only be complex but also time 
consuming, he said. 

"SBI lacks internal capability to achive all this. The JV company would elevate 
the current as well as future technology initiatives of the bank," Adsul said. 

In due course, he said "the IT company will also take up business activities 
independent of SBI, catering to the banking and financial services requiremnts 
of the industry in India as well as in near and far geographies."(PTI) 

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