SBI Readies Rs 60-70 Cr For IT Platform, ATMs

Chennai, May 20: | Updated: May 21 2003, 05:30am hrs
State Bank of India (Chennai circle) will shell out close to Rs 60 crore to Rs 70 crore to spruce up its information technology (IT) platform as well as interconnecting its automatic teller machines (ATMs) to provide anywhere banking to its customers. The bank is also planning to become aggressive in using the recently passed Securitisation Act to recover its non performing assets (NPAs).

Addressing a press conference here on Tuesday, SBI Chennai zone chief general manager S Krishnamurthy, said the bank is in the process of setting up a technology backbone which would enable it to provide anywhere banking in the circle by 2005. SBI would spend close to Rs 60 crore to Rs 70 crore during the current fiscal to develop the necessary technological capability, he added. The investment would cover the implementation of its core banking solutions as well as setting up of new ATMs. The circle currently has 117 ATMs and the bank is in the process of networking it, he added.

All the existing ATMs will be networked before the end of this month, he said. During the current fiscal, the bank plans to add another 150 ATMs. Further, it is also planning to introduce new facilities like bill payment etc through its ATMs. He said under the Securitisation Act the bank has so far filed around 233 cases involving Rs 123 crore.

The circle has also received approval from the Reserve Bank of India (RBI) for converting 32 more non-banking sub-treasuries into banking sub-treasuries and these branches are expected to book more government business in the future.