Sbi Set To Launch E-Broking In Mar

State Bank of India (SBI) will kick-off e-commerce, e-trading and e-broking with effect from March 2001, as part of its ambitious technology upgradation drive.

The bank also proposes to install 1,000 automated teller machines (ATM) across the country by 2002.

In an official release yesterday, SBI chairman G G Vaidya said, the bank will introduce Internet banking at all its non-resident Indian (NRI) overseas and specialised personal banking branches by September this year. The bank currently has 113 ATMs operational. The SBI chairman was speaking on the occasion of the inauguration of a fully computerised branch in Katra yesterday.

He further added, "The bank has eight crore customers and 28 per cent of the total deposits and advances in the country. The bank plans to enter the insurance sector and the major thrust would be on housing loans, consumer loans, education loans and trade and services sectors."

 

The bank will install 1000 ATMs by March 2001 and 800-1000 fully computerised banks by the same time.

Speaking on the bank's plans for the Jammu & Kashmir (J&K) state, the chairman said all the valley branches have been reopened and are doing brisk business. He expressed the hope that with the opening of the Katra branch, the bank would be able to cater to the needs of pilgrims and local businesses.

In January this year, SBI had announced a massive Rs 700 crore technology upgradation drive and had planned to appoint a global consultant to advise it on the same. A significant part of this plan would be the integration of its nationwide operations.

The consultant would advise the bank on its technology requirements over the next 5-10 years.

The introduction of Internet banking at NRI and specialised branches is part of the first phase of the plan to get into e-banking. The same would be later be extended more widely to the domestic market as well, Vaidya said. SBI and its seven associate banks account for 24-30 percent of the total credit and deposit business in India.

The bank plans to computerise 85 per cent of its business by March 2003 which would encompass 4000 branches out of the total 9000 branches it operates.

Currently, around 64 per cent of its network is fully computerised.