• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mr M.B.N. Rao, Chairman and Managing Director, Canara Bank (left); Mr Shanker Annaswamy, Managing Director, IBM; and Mr N.R.K. Raman, Chief Operating Officer, i-flex Solutions, at a press conference in Bangalore on Friday. — G.R.N. Somashekar

Bangalore , Aug. 5

CANARA Bank has picked up i-flex Solutions' Flexcube for its core banking solution. IBM will be implementing Flexcube for Canara Bank.

Speaking to reporters here on Friday after signing the CBS deal, Mr M.B.N. Rao, Chairman and Managing Director of Canara Bank, said that in the first phase 1,053 branches would be selected for implementation of the core banking solution. The size of the deal is estimated to be Rs 250 crore, inclusive of both phases one and phase two. But Mr Rao was reluctant to assign a precise number to the size of the deal citing commercial secrecy. "Yes it will be in the range of Rs 200-250 crore," he said. But he added that hardware costs alone for the CBS would be in the region of Rs 100 crore, which would entirely be implemented by IBM.

The CBS programme of Canara Bank is intended to provide electronic banking facilities to customers, including those in the semi-urban and rural branches. For the banks' customers this would imply fast credit dispensation, tele-banking solutions, call centre operations and access to the banks' products including insurance products. CBS will also enable anytime and anywhere banking with additional services such as multi-city cheques, convenient and cost effective remittance, real-time funds transfer across all CBS branches

Mr Rao said that the implementation in all designated branches in the first phase would take approximately 12 to 13 months. The CBS would initially be tested in about 20 branches covering a mix of metro, semi-urban and rural branches, before being implemented, he said.

The first phase of implementation of the CBS would cover 85 per cent of the bank's branch network, he said.

The second phase would be implemented thereafter to cover all the remaining branches of the bank, he added. IBM's support for the project along with the hardware would include setting up a data centre, a disaster recovery centre and maintenance support, he added.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Minimum capital for pension fund managers may be fixed at Rs 25 cr

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line