Date:22/12/2005 URL: http://www.thehindubusinessline.com/2005/12/22/stories/2005122202150600.htm

Back Dena Bank plans to have 100 branches under CBS

Our Bureau

Mangalore , Dec. 21

DENA Bank plans to bring around 200 major branches under core banking solution (CBS) by June next year. In this regard, Ernst & Young has completed the process of giving the `request for proposals' to four major IT vendors in the country. The bank is yet to implement CBS.

The Chairman and Managing Director of Dena Bank, Mr M.V. Nair, revealed this at a customers' meet in Mangalore on Wednesday.

Mr Nair said the bank would be investing around Rs 150 crore on technology intervention.

"By June next year, we should be able to implement CBS in 200 major branches. By December, most of our branches will be under core banking," he said.

Stating that the bank was strong in the western region of the country, Mr Nair said the expansion plan for the whole country was being worked out. However, the bank has not zeroed in on the numbers.

Later, he told Business Line that the expansion plan might be in the final shape in about 20 days. "We are in the process of finalisation," he said.

Considering the large number of non-resident Indian clients, the bank has offered two products in the last one year. Of them, one is a tie-up with Western Union Money Transfer and the other is Dena India Remit. He said that Dena India Remit is an Internet-based facility to transfer funds from the US. The facility will be extended to other six other countries soon.

By 2010, the bank wants to have 20 million customers and Rs 1 lakh crore of business, he said.