[sbinews] SBI plans to set up IT Company - BusinessLine

  • From: "Rajendra PAI" <rspai.IT@xxxxxxxxxxxxxx>
  • To: <sbinews@xxxxxxxxxxxxx>
  • Date: Tue, 11 Nov 2003 16:33:58 +0530

SBI plans to set up IT company 
The BusinessLine
NEW DELHI: State Bank of India (SBI) is planning to set up an information 
technology company for which it is scouting for a joint venture partner, the 
Chairman, Mr Arun Kumar Purwar, has said. 

``The joint venture is under discussion,'' Mr Purwar told PTI but declined to 
give names of the joint venture partner shortlisted. 

SBI had started a technology upgradation drive from 2001 and earmarked Rs 500 
crore investment in this area. 

In view of its nationwide operations, the bank decided to have a dedicated IT 
company, which would develop cutting edge technology for it and its seven 

SBI sources said the bank is integrating treasury operations and technology 
platform for its ATM and branch inter-connectivity of the parent bank with its 

Although merger of SBI and the associates is ruled out in the near future, the 
SBI group intends to synergise its operations and swap branches to reduce costs 
and be competitive. 

The thrust on technology also comes in the light of introduction of Real Time 
Gross Settlement System (RTGS) in January 2004. 

When the IT company comes up, it would handle all the software requirements of 
the SBI group. - PTI 

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