The Hindu Business Line : Indian Bank is 100% CBS-compliant

Madurai, March 23 The Union Finance Minister, Mr P. Chidambaram, declared that Indian Bank has become 100 per cent CBS (Core Banking Solution)-compliant by linking all its 1,523 branches under the system at a function held at Melapoongudi in Sivagangai district, while inaugurating the ‘Banking Service Centre’ of Indian Bank attached to its Okkur branch, on Saturday.

A customer might have been attached to a particular branch earlier but the technological change facilitates him becoming a customer of the bank, enabling operation of his account from any branch.

People should realise the change and use them, urged Mr Chidambaram, and said that the power of technology had enabled banking services to reach people even in the remote corners. A service centre that works online has been made possible without the need to set up a conventional branch of the old type. In ten years time, even the banking service centre may not be required as the mobile telephone may become a bank itself, he said.

Farmers’ aid

Referring to the waiver of farmers’ loans to the tune of Rs 60,000 crore, he said that the management of the economy has made the measure possible. The one-time waiver to save them from usury is to enable them to start afresh. They have been feeding the country and needed the measure in times of distress. Their integrity and honesty in repaying the loans is unquestionable, he remarked.

The Government has been, in the last three years, enlarging the agricultural credit provided to the farmers. For 2007-08, a target of Rs 2,40,000 crore has been fixed and the credit would be increased to Rs 2,80,000 crore in 2008-09, he added.

Mr M.S. Sundararajan, Chairman and Managing Director of the bank, in his address earlier, said that the bank has become CBS-compliant within a short period of 3 years and 3 months. Twenty licences have been secured from the Reserve Bank of India to open service centres across the country, he added.

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