Financial Daily from THE HINDU group of publications
Saturday, Mar 20, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 20, 2004 |
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Money & Banking
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Private Banks Lakshmi Vilas Bank to go hi-tech with KPMG roadmap Our Bureau
Chennai , March 19 LAKSHMI Vilas Bank expects the recommendations of KPMG on technology adoption in about three months' time. The bank recently hired the international consultants to suggest a roadmap for technology adoption in the bank. KPMG is expected to advise the bank on aspects such as the choice of various software products and other aspects like how many and which ATMs and branches should be networked. The bank has begun networking some of its branches, using ICICI Infotech's networking software, Newton. "All branches in Chennai would be linked up by June," Mr A. Krishnamoorthy, Chairman and Managing Director, LVB, told Business Line. Incidentally, LVB is the first Indian bank to use the `Newton' software. "We got it at an extremely low price," Mr Krishnamoorthy said. But KPMG's mandate would cover all aspects of technology, going beyond just linking up branches. KPMG is the second international consultant that Lakshmi Vilas Bank has hired. Last year, the bank had asked Deolitte Touche Tohmatsu to draw up an action plan for business strategy. Meanwhile, LVB has entered into an agreement with Reliance Mutual Fund to sell the latter's products. At a function here on Thursday, Mr Krishnamoorthy said that the bank would strive to earn more fee-based income. The tie-up with Reliance MF was a step in that direction. LVB is a corporate agent for selling Aviva Life's insurance products — the first corporate agent in the country. In the nine months since the bank began selling insurance, it earned for Aviva a premium income of Rs 1 crore.
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