Home > Business > PTI > Report

SBI plans JV with IT company

December 05, 2003 15:10 IST

State Bank of India is planning a joint venture with a reputed IT company in a bid to bring its technology level at par with the private and foreign banks.

"SBI is planning a JV with a reputed IT company. SBI is identifying a suitable partner for the joint venture alliance," Minister of State for Finance Anandrao V Dasul informed the Lok Sabha on Friday.

He said public sector banks are facing competition from foreign and private banks due to technological advancement.

"In order to meet this competition, it is necessary that efforts are mounted to bring the level of technology in PSU banks at par with their competitors," Adsul said, adding the challenge for SBI is still bigger because of its large network of branches, some in the remotest corners of the country.

Networking of branches and maintenance of equipments would require "substantial effort" and any in-house effort will not only be complex but also time consuming, he said.

"SBI lacks internal capability to achieve all this. The JV company is being seen as the vehicle, which will give a push to the current as well as future technology initiatives of the bank," Adsul said.

In due course, he said, "The IT company will also take up business activities independent of SBI, catering to the banking and financial services requirements of the industry in India as well as in near and far geographies."


Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor




Related Stories


SBI plans to set up IT company

Who is left out of the party?

Banking on valuations



People Who Read This Also Read


Let your investments float. . .

Haier returns, sets up 100% arm

Satyam bags Merrill Lynch order






© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.











Copyright © 2003 rediff.com India Limited. All Rights Reserved.