SBIs IT subsidiary will be formed soon

Mumbai: State Bank of India (SBI) is likely to obtain clearance from the government for its information technology (IT) subsidiary. The approval should happen in a months time, says SBII managing director Y Radhakrishnan.

SBI had some time ago drawn up plans for floating a 100-per cent-owned IT subsidiary, but it had earlier been shot down by the government, which cited reasons of unsustainability, unviability and incompatibiltiy with the banks core competence and the like.

We are making a new presentation to the government which is re-examining it. It will be through, says Radhakrishnan. The IT subsidiary will work closely with all the seven technology partners of SBI who are its vendors for several different projects. We have seven major projects, and this subsidiary will help our vendors to implement them, he adds.