BUSINESS

SBI to set up IT subsidiary

THIRUVANANTHAPURAM OCT. 22. State Bank of India proposes to set up an IT subsidiary with a major Indian IT company as its partner, the bank's Chairman, A. K. Purwar, has said.

Addressing a press conference here yesterday, Mr. Purwar said the task of the proposed IT subsidiary would be to keep the State Bank group's technology at the top grade. It would also have to create its own market for its products within and outside the country, he added.

Mr. Purwar said negotiations were on and the bank would be in a position to announce shortly who its partner would be. He was here to announce the full computerisation of SBI branches in the Kerala circle. The bank was having 231 branches in the circle. With this, five circles of SBI had been fully computerised, Mr. Purwar said.

The bank hoped to have its branch network across the country fully computerised much ahead of the September 2004 target fixed earlier, he added.

Mr. Purwar also announced that SBI would be shortly opening an Offshore Banking Unit (OBU) in Kochi for the convenience of exporters and importers.

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