[sbinews] SBI plans joint venture IT subsidiary

  • From: "Rajendra S. Pai" <rspai@xxxxxxxx>
  • To: sbinews@xxxxxxxxxxxxx
  • Date: Thu, 23 Oct 2003 03:23:47 +0530

SBI plans joint venture IT subsidiary 
(Walletwatch Website) 
Wednesday, 22 October , 2003, 15:03 
In a diversification of its core banking activities, the State Bank of India is 
to set up a joint venture IT subsidiary focusing on producing state-of-the-art 
banking software. 


Besides catering to in-house use, the subsidiary would also seek business 
domestically and globally. The search in on for a major Indian IT firm to 
partner the venture, SBI Chairman A K Purwar said at a press conference last 

Clearance had already been received from the Union Government and the Reserve 
Bank of India for the project, he added. 

Purwar however declined to confirm whether Tata Consultancy Services (TCS), 
which had handled the computerisation of SBI services, was among the front 
runners for the project. 

Stating that the SBI had gained a lot of experience and expertise in e-banking, 
Purwar said more than 10,000 of its 14,000-odd branches all over the country 
had been computerised. 

The bank would achieve full computerisation by September 2004 in Kerala, with 
231 branches, had recently joined the ranks of the SBI's fully computerised 
circles. The others were Chandigarh, Chennai, Bhopal and Bangalore. 

Stating that SBI would offer core banking solutions henceforth, he said these 
facilities would be available at about 3,000 branches by March, 2005. ''We are 
moving towards a service in which customers would be able to access their 
accounts from anywhere in the country. 

They would not be the customers of a particular branch only,'' he added. 

The SBI was also moving ahead to establish the largest network of automated 
teller machines (ATMs) in the country. The bank had already set up more than 
2,800 fully networked ATMs. It had also signed MoUs with ICICI and HDFC Banks 
for joint networking of ATMs. 

''With in 40 days, SBI customers would have access to about 4,000 ATMs all over 
the country,'' he added. 
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