Central Bank of India–one of the largest public sector banks in India—plans to make huge Information Technology (IT) investments to the tune of Rs 500 crores. As part of this IT investment, the bank plans to computerize more than 2000 branches using a core banking system (CBS) by end 2010. Currently, the Bank has 3600 branches across India, out of which only 1400 branches have been covered under CBS. The Bank wishes to connect all their branches using CBS. The technology partner is TCS.
Important to note, the Bank has seven regional rural banks (RRBs). As per Reserve Bank of India's guideline, implementing CBS is the sponsoring bank's responsibility. The Bank has already floated the tender and completed technical evaluation. There are 1800 branches, out of which 25 branches are targeted to be covered in the first phase. This way, the Bank has a task of computerizing more than 4000 branches. Ernst & Young has been appointed as bank's consultant for this project, whereas the technology partner is yet to be decided.
It is needless to say that, in the present scenario of banking, IT is the backbone for a banking company, and Indian public sector banks are fast accepting this reality. With immense competition from private players, there is a strong need to offer 24/7 services to customers. To a good banker and willing to expand its business by heaps and bounds, the decision to make IT investment should not take much time, as it is the need of the hour. All banks are moving towards 24/7 services. The competition is tough, and service providers don't have an alternative.
Important to note, the Bank has seven regional rural banks (RRBs). As per Reserve Bank of India's guideline, implementing CBS is the sponsoring bank's responsibility. The Bank has already floated the tender and completed technical evaluation. There are 1800 branches, out of which 25 branches are targeted to be covered in the first phase. This way, the Bank has a task of computerizing more than 4000 branches. Ernst & Young has been appointed as bank's consultant for this project, whereas the technology partner is yet to be decided.
It is needless to say that, in the present scenario of banking, IT is the backbone for a banking company, and Indian public sector banks are fast accepting this reality. With immense competition from private players, there is a strong need to offer 24/7 services to customers. To a good banker and willing to expand its business by heaps and bounds, the decision to make IT investment should not take much time, as it is the need of the hour. All banks are moving towards 24/7 services. The competition is tough, and service providers don't have an alternative.
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