Syndicate to bring 1500 branches under CBS

Syndicate Bank aims to implement core banking solution (CBS) in 1,500 branches by the end of 2006-07.

The bank has just completed the CBS roll out in 1,001 branches at an investment of Rs 250 crore, since the launch in 2001. By year-end, an additional sum of Rs 40 crore will be spent, said C P Swarnkar, chairman and managing director of Syndicate Bank.

The CBS has been implemented with 'Flexcube' from i-Flex Solutions, the technology solutions provider, and with IBM as the system integrator and implementation partner.

"Syndicate Bank was one of the first public sector banks in the country to adopt core banking in 2001 and caters to 10 million customers and 8.5 million accounts. With the completion of 1,500 branches by March 2007, 90 per cent of the business will come from CBS branches," he told a media conference here on Thursday.

The implementation of Flexcube has helped the bank to introduce several services such as 24x7 banking services, multi-city operations, online fund transfers, e-ticketing for railways and online utility bill payment.

The bank aims to launch many world-class banking facilities in the future using CBS network and also reach out to remote areas of the country, he said.

The implementation of CBS will also help the bank to expand its internet banking business, offer video conferencing and e-learning facilities to its employees in-house.