Aswathy Sreekumar
THIRUVANANTHAPURAM: Modern technology is no longer the buzzword of only the
new generation banks and public sector banks. Old private sector and
co-operative banks, despite their relatively meager reserves and surplus, are
joining the technology bandwagon, keeping in tune with the changing times.
Kerala State Co-operative Bank (KSCB) a scheduled bank with an annual
turnover of over Rs 3,000 crore is planning to invest Rs 5 crore for technology
upgradation. This includes installation of automated teller machines (ATMs) in
three districts, computer networking, Web banking and procurement of hardware,
software etc, according to KSCB vice president Babu Paul.
The apex co-operative bank in the state will also grant loans up to Rs 5
crore to primary co-operative banks for computerization of its branches, he
added. South Indian Bank (SIB), one of the oldest private sector banks in Kerala
will also be investing Rs 35 crore over a period of three years for technology
upgradation, to face the competition posed by new generation banks, said SIB
chairman A Sethumadhavan.
The bank has already initiated the technology upgradation program ‘SIBer
Tech,’ in association with Infosys Technologies Ltd. The computerization
program will enable the bank to have the modern banking facilities comparable
with any other bank in the country, Sethumadhavanan said.
The comprehensive computerization program will cover hardware, software,
networking, Internet, Web applications, ATM and other IT related activities. The
investment required for upgradation drive will be sourced from internal
accruals, he said. The Federal Bank has already initiated a project in
association with Infosys Technologies for providing Web banking and related
services, last year.