State Bank of India (SBI) has taken a major initiative to cope-up with the current scenario in the banking industry. SBI has selected Tata Consultancy Services (TCS) to supply, customize and implement the centralized core banking system.
The project involves procurement, supply and installation of hardware and the core banking software, customization of core banking software, implementation, roll out of the software at SBI branches and training and support.
Y Radhakrishnan, Managing Director, SBI, said, "The core banking solution which will be implemented for SBI by TCS is central to bank's IT and business strategy. SBI has decided to team-up with TCS for this critical project because of its expertise and proven capability in banking projects."
The whole project involves a cost of Rs 150 crore and will be distributed among various partners of Tata Consortium. The other partners of Consortium include Financial Network Services of Australia which will provide core banking package and Hewlett Packard India which will provide hardware and system software.
S Ramadorai, CEO, TCS said, "The centralized core banking solution implementation of this size is yet another milestone for TCS and an endorsement of our capability to offer world class quality end-to-end consulting and software solutions".
Over the next three years, core banking will be rolled out to over 3000 branches of SBI and its seven associate banks bringing the benefits of modern technology to customers in over 250 cities and towns. SBI will also invest Rs 500 crore over a period of three years in computerization and networking of all its branches.
In the next 120 days, all the foreign SBI offices will be integrated into core banking. Datacraft is a network integrator for SBI. SBI group has more than 13000 branches including its seven associate banks. In the group, SBI alone has more than 9000 branches with 51 foreign offices in 31 countries.
DQW News Bureau