Rs 104crwb Loan For Allahabad Bank

The bank, which has undertaken to set up 100 fully computerised branches by 2000, will have to avail itself of the loan within five years.

Allahabad Bank already has 22 branches that are fully mechanised, and plans to take this number up to 50 by March 1997. It has 365 automated ledger posting machines (ALPMs) in 99 branches, which is to be increased to 450 by the end of the current financial year. By the turn of the decade, 300 of its branches will have the facility.

The bank also plans to set up two automated teller machines (ATMs) in Mumbai by the end of the year.

 

Another eight ATMs are to be set up in the current financial year, taking their total number up to 10. By 2000, this number will have gone up to 40.

The bank plans to start tele-banking facilities in Calcutta and Mumbai at branches that are already mechanised. As per World Bank guidelines, all the hardware for mechanisation will have to be sourced from global tenders.

"We want Allahabad Bank to emerge as a strong bank nationally, and this step towards total mechanisation of our operations will help us achieve this goal," chairman and managing director Harbhajan Singh said.

Price Waterhouse Associates will furnish a strategic information plan for investments to be made up to 2000 to build up an information technology infrastructure and to develop information systems applications.

It will also provide detailed specifications, based on which the bank will decide on the software package to be procured for branch automation. On the hardware front, Price Waterhouse will work out the detailed specifications for branch and office computerisation.

It will also help the bank in the preparation of hardware tender documents, and will evaluate bids with bank officials.

The consultancy major will participate in the steering committee meetings of the bank for the next two years. The committee will review the progress of computerisation, and Price Waterhouse will be consulted on technology-related matters.