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News >> Technology >>
TCS, SBI in banking solutions JV
By agencies
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Tuesday, 15 November 2005, 20:30 IST
MUMBAI: It’s the coming together of two giants. India’s largest listed IT services company TCS and the country’s biggest bank State Bank of India (SBI) have joined hands to form an IT company — C-Edge Technologies.
TCS will hold a 51 percent stake in the joint venture, while the balance 49 percent will be held by SBI.
Krishna Kumar, who was a banking consultant with TCS earlier, will head c-Edge. Both TCS and SBI will be equally represented in the company.
“We intend to provide implementation capabilities through this product, and take this to global levels in the next 2-3 years. At the moment, 20-25 percent of banks make use of core banking solutions,” said AK Purwar, chairman, SBI.
This company will bring technology to co-operative banks and regional rural banks. Domain knowledge will definitely give this company an edge,” Purwar said.
“C-Edge will provide high-end domain consulting and knowledge based assets as value-added services to the market,” said S Ramdorai, CEO, TCS. The JV will develop technology solutions, leveraging the domain knowledge of the two promoters.
TCS had recently acquired FNS; a Sydney based banking products company. C-Edge will play a key role in deploying FNS products.