State Bank of India is upgrading technology
02 Oct 1999
The State Bank of India will appoint a ‘technology planning’ consultant, who will advise the bank on technology upgradation. The aim: to improve the quality of service to retail and corporate clients.
As part of the plan, the SBI will connect 260 branches that constitute about 75 per cent of its business volume. The plan is expected to be implemented in two years.
Meanwhile, credit offtake from the State Bank increased 16 per cent during the first five months of the fiscal year 1999-2000. For the period ended August 1999, the figure was Rs.76,690 crore, compared to Rs.66,356 crore in the year-earlier period. Credit offtake includes total advances, investments in commercial paper, shares, bonds and debentures.
The SBI will shift SBI Cards & Payment Services, the credit card subsidiary of the bank, from the 'subsidiaries and associate banks' group to the 'national banking' group. SBI Cards will now be able to avail of the network facilities that exist with the national banking group, thus helping it access remote areas of the country.
SBI’s joint venture company, GE Capital Business Processing Management Services Ltd., in which a majority stake is held by GE Capital, has also been shifted to the national banking group.
The SBI will soon introduce shifts at some of its branches so as to improve customer service. It has already introduced extended banking hours at 10 of its branches.
