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Kerala co-operative and state banks to go high tech

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CIOL Bureau
New Update

Aswathy Sreekumar

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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.

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