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M. Ramesh

Chennai , Sept. 13

LAKSHMI Vilas Bank (LVB) may re-examine the choice of its core banking software. "We have to take a decision on that," LVB's Chairman and CEO, Mr R.M. Nayak, told Business Line on Monday, when asked if the bank would continue with 3i Infotech's `Newton'.

However, Mr Nayak stressed that Newton was a "robust product" which served its purpose when it was chosen. He said that three years ago, when the bank was looking for a core banking software, Newton was the only product that could work with its already established branch software.

A small bank like LVB could not afford to discard the `total branch automation' already done, Mr Nayak said, defending the choice of Newton.

Mr Nayak, who took over as the bank's Chairman recently, was keen not to be misunderstood that the change of guard at the top brought about a different choice of software.

He said that Newton, developed in Korea, had served banks in many countries well. The software product came to 3i Infotech (formerly, ICICI Infotech) through an acquisition. However, experts in the banking industry have expressed scepticism about the product's ability to scale up.

LVB, which wants to roll out a core banking product across its 200-odd branches, needs a product that could be scaled up to that extent. It was while answering a question in this context that Mr Nayak said that the bank would have to take a fresh decision on whether or not to go with Newton.

Mr Nayak met journalists at a function held here when the bank signed an agreement with SBI Asset Management Company to distribute the AMC's mutual fund products. A similar tie-up, with HDFC Asset Management Company, was also announced on Tuesday.

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