Bharat Overseas Banks Rs 20-cr IT plan

Our Banking Bureau
09 July 2002

Kochi: Bharat Overseas Bank Ltd is planning to computerise its branches and introduce a centralised banking solution with a database, apart from offering various services to its customers.

The bank has earmarked an investment of Rs 20 crore for network upgradation, which will be completed by 31 March 2003, says Bharat Overseas Bank chairman G Krishna Murthy.

Murthy, who is here in connection with the inauguration of the renovated premises and computerised operations of the bank, says Tata Consultancy Services has been appointed as the consultant and project manager for implementing total IT solutions. The bank is planning to adopt a state-of-the-art technology for interconnectivity, resulting in anywhere, anytime banking in course of time.

As a first step towards this, the bank has launched its website to provide information on various products and services, and network of branches. It has also become a member of the Society for Worldwide Inter-Bank Financial Telecommunication, thereby enabling to offer services to its exporter or importer clientele and non-resident Indian customers, says Murthy.

The bank is also in the process of expanding its branches to 100 from the present 78 by the end of 2004. The branch expansion process will start only after the completion of IT upgradation, Murthy adds.