Business Daily from THE HINDU group of publications
Thursday, Jan 11, 2007
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Business Daily from THE HINDU group of publications Thursday, Jan 11, 2007 ePaper |
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Money & Banking
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Information Technology All SIB branches under core banking by Feb M Ramesh
Chennai , Jan .10 Come February, all 462 branches of South Indian Bank will come under `Core Banking Solution', the bank's Chairman, Dr V. A. Joseph, told Business Line on Wednesday. Software and hardware provided by Infosys and Wipro respectively cost the bank Rs 40 crore. "A straight benefit of the CBS is that we will be able to offer any facility on par with any new private sector bank," Dr Joseph said. CBS would lead to higher staff productivity. Dr Joseph said that already staff productivity was relatively higher — it works out to Rs 4.47 crore per employee. The bank currently employs 3,838 people. South Indian Bank began implementing CBS in 2001. "We took time because we wanted the implementation to be complaint-free at any stage," Dr Joseph said. All the branches the bank will open in future will automatically be under CBS, he said. The bank has ambitious plans for expansion. Before March, it will have 475 branches and 25 more will be added next year. Moreover, the bank is taking its presence pan-India. It recently opened a branch each in Jammu and Dehradun and will soon be inRanchi and Guwahati. Dr Joseph said the Jammu branch would get Rs 25 crore of business, mainly deposits, this year. The bank has its eyes set on a total business of Rs 20,000 crore this year (Rs 16,000 crore last year), and is on a recruitment spree. So far, it has employed 450 professionals — chartered accountants, cost accountants, engineers and management graduates. Dr Joseph said that the recruitment was cost-neutral because 151 employees, relatively higher-paid, left the bank on a severance scheme. Moreover, since the young crop of inductees are computer-savvy, staff productivity would also go up, he said.
New logo
To symbolise its self-reinvention as a younger, more technologically-oriented, pan-Indian bank, the South Indian Bank is changing its logo, to be formally launched on February 5. Actor Mammooty is its brand ambassador.
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