SBI's technology initiative

By Our Staff Reporter

HYDERABAD, DEC. 15. The State bank of India will roll out its ambitious `Technology plan' in a few months.

The plan will cover networking of 2,500 branches and Internet facility at 100 branches by the financial year end, according to Mr. Janki Ballabh, Chairman, SBI.

Addressing a press conference here on Friday, Mr. Ballabh and Mr.Vepa Kamesam, Managing Director, said the projected outlay for the technology initiative over the next three years was anywhere between Rs. 500 crores to Rs. 700 crores.

Mr. Ballabh said the bank was also considering setting up a subsidiary company for IT (information technology), ``which will be one of the important initiatives of the bank''. The bank's board had already cleared the proposal for such a subsidiary.

However, the bank is not waiting for setting up of the subsidiary to take up its technology initiative. ``As and when it is set up we will outsource from it', he said.

Already 2,300 branches were computerised and this would go up to 2,500 by the financial year end. Its ATMs will go up to 240 by year end from the existing 170. Also Internet banking experiment was already on at 8 to 10 branches.

``The process is on for short listing a partner for the bank's insurance foray'', Mr. Ballabh said. While the bank had the financial strength to go it alone, it was desirable to go with ``world leaders'' in insurance sector, he felt.

In reply to another question, he said the bank was looking at the issue of merger of associate banks but ``no decision has been taken so far''. On the voluntary retirement scheme (VRS), he said a decision was likely to be taken by the month end.

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Section  : Business
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