SBI plans joint venture IT subsidiary http://sify.com/finance/fullstory.php?id=13290116&vsv=157 (WalletWatch) 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 evening. 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. *************************************************************************** Mailing list (sbinews@xxxxxxxxxxxxx) related information: News/articles about SBI and Banking related matters published in the print media, Internet etc will be circulated through this Mailing List. The messages in this list will help in improving awareness of SBI and its activities vis-a-vis the happenings in the Banking industry. This should be of help to all staff members of SBI, particularly those who are preparing for promotional written tests/interviews/group discussions. Subscription to this Mailing List is free and simple. Please check the procedure below. The messages circulated here should not be deemed to have the official endorsement of the SBI or any of its employees. The correct factual position may be ascertained from official sources. To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with 'subscribe' without the quotes in the subject field. To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with 'unsubscribe' without the quotes in the subject field. This is an announcements/newsletter type mailing list i.e. only the Moderator can post messages to the list. This mailing list is maintained by R.S.Pai, currently working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai.