Indian banks on IT shopping spree
Indian Banks are on an IT shopping spree, with UBI allocating Rs 150 Crore for upgrades, and INGVyasya extending its budget by Rs 60 Crore.
UBI has tried to capitalize the latest IT trends, by allocating around Rs.150 crore to computerize its 500 branches.
Requesting anonymity, a senior official at UBI, said, “We are taking adequate measures to automate our banking process. For example, our core-banking solution Finacle, has been bought from Infosys, and a large number of branches are being added to the network. There are plans to implement other cutting edge solutions for more efficiency.ù
In a bid to bring in more efficiency, INGVyasya Bank is furthering its IT automation process by allocating Rs. 60 crore.
Rs. 20 crore is allocated for networking of branches while around Rs. 25 crore for installing more ATM countrywide. Out of its 480 branches, 100 branches are already on the network and 100 more branches are scheduled to be put on the network by the end of 2003.
V.Vishwanathan, IT Manager, INGVyasya, said, “Our IT automation process has taken off in a big way. We have already installed a core-banking solution for our bank, purchased from Sanchez, USA. ”
Indiaùs banking giant SBI, has already earmarked Rs. 150 crore to computerize and network one third of its branches by 2005. SBI has the distinction of being the worldùs largest bank in terms of number of branches.
The IDBI (Industrial and Development Bank of India) too, has spent around 70 crores on IT last year, and is planning to spend more this year.
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