"There are about 8,000 banks in the US and only 150 have internet banking now," Dhar said. According to him, Web@TM targets the smaller banks which need to vigorously pursue internet banking as they play catch-up with the bigger banks.

Dhar, who founded CST in 1994 in Pittsburgh, Pennsylvania, has varied experience, mostly in academia but recently in business. He holds a doctorate in physics and worked for the Physical Research Laboratory in Ahmedabad. He also carried out research in nuclear physics in Europe, including a stint at the International Atomic Energy Agency (IAEA). After a brief term at McGillUniversity in Montreal, Dhar joined Westinghouse and came to the US in 1989. But Dhar said he "did not see a future with the big firm" for which he developed simulation models for nuclear power plants.

Five years later, he started CST to tap into a growing market. Dhar said he had briefly used the internet while in England in the 1980s and later when at Cal Tech. Besides, he had also worked on the Cray super computers.

"Research teaches you not to be afraid," he said, explaining his move into the world of business. Yet Dhar said he was fearful of his project, which has moved from consulting to product development.

CST was also the first to implement Oracle applications in a Windows NT environment, said Dhar. The company is also working on an electronic commerce venture that will target non-resident Indians. Dhar said he expected it to be on the market in September.