State Bank Scripts Rs 500 Crore Capex Plan

The State Bank of India (SBI) has firmed up a capital expenditure of Rs 500 crore for its information technology (IT) drive in the next financial year. This includes putting in place a core banking solution, which will cater to SBI and its seven associates, and computerisation of 3000 branches.

According to chairman A K Purwar, about 3,200 branches of the bank were computer-enabled in the first phase of the IT plan and the computerisation target for next year is 3,000 branches. Computerisation of the remaining 3,000-odd branches would be taken up later.

Once the core banking solution is in place and networking/computerisation of branches is through in country