SBI plans to spend Rs 500 cr on IT in 2003-04

By siliconindia   |   Friday, 14 February 2003, 20:30 IST
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MUMBAI: State Bank of India is planning to spend Rs 500 crore on information technology, including computerisation of 3,000 branches in the fiscal 2003-04. "Nearly 3,200 branches of SBI are already computerised and next year, we plan to hike the number by another 3,000 branches", SBI chairman A K Purwar told newspersons after inaugurating a "Single Window System" (SWS) branch on Friday. The computerisation work in the remaining 3,000 odd branches would be taken up later, he said adding, the core-banking initiative of the country's largest bank was also on course. After the whole IT system was in place, the excess staff would be utilised for marketing the bank's various products, he said. Referring to the bank's "Ambience 2005" project whereby infrastructure in branches would be upgraded and renovated, SBI deputy managing director and corporate development officer, S Santhanakrishnan said: "by March 2005, all metro branches will be upgraded under this program". Purwar said the ambience in all SBI branches across the country would be completed by March 2006.