Union Banks e-MPACT To Start Clicking In December

Chennai: | Updated: Oct 18 2002, 05:30am hrs
Union Bank of India (UBI) would kick off its Rs 150 crore Union e-MPACT project by December. The project would integrate the existing system of the bank with finnacle, the core banking solution (CBS) offering from Infosys, to offer value added services to the customers. It also helps create a centralised database for the bank.

Bank sources told The Financial Express that the product has already been tested and the bank will start implementing it in December. Initially UBI will cover six branches under the project, two each in Mumbai, New Delhi and Bangalore and then extend it to other branches in a phased manner. By March 2003, the project would be implemented in about 20 branches across the country, they said. The bank, as per the project, is planning to integrate about 500 branches, which accounts for nearly 60 per cent of the banks business, through the software by March 2005.

UBI would invest around Rs 150 crore in a phased manner for this IT initiative. After successful implementation, the project would be extended to the other branches over a period of time. Currently, the bank has over 2,100 branches across the country, they added.

With CBS in place the bank would be able to perform the entire branch operations through a centralised computer. This would include demand and time deposits, retail and corporate lending, bills, remittances and clearing, trade finance including letters of guarantee, general ledger, government business transactions, etc. It would also network all the ATMs of the bank.

The bank would have a centralised database in Mumbai on all the customers covering these 500 branches. This would facilitate customers to transact at any of the branches of the bank across the country, sources said. UBI would also be able to offer value added services like Internet banking, telebanking to its customers. The bank already offer basic information through telebanking at select branches.

UBI is also planning to have back up centres for the centralised database either at Bangalore or Hyderabad as part of disaster management. But, it is yet to be finalised, sources said.