SBI triples daily transactions to 35 million with core banking technology
22 Feb 2010
With the adoption of core banking technology, State Bank of India (SBI), the country's largest lender, can now handle about 35 million transactions a day as against 10 million earlier. Funds can now be transferred literally in seconds, a huge improvement over the minimum one day time period a few years earlier.
The exponential capacity expansion has benefited all categories of customers of its 17,700 branches across the country - from corporate to individual account holders.
The core banking technology implementation was initiated in 2003, and since then, a 60-per cent jump in customer accounts has been registered. With the successful installation of the core banking system all SBI branches are now linked to a central information technology department located at Belapur, Navi Mumbai.
The process now does not involve ''balancing of book'' method and also errors can be easily rectified, frauds minimised and human errors eliminated. The core banking technology termed ''Project SBI First'' was installed by Tata Consultancy Services.
SBI is considering plans to switch to bio-metric ATMs, which use non-conventional energy and at the same time are cost effective. Tenders have been floated for 500-1000 such ATMs. Typically, biometric ATMs cost around 2 lakhs each as compared with Rs 4-5 lakh for conventional ATMs.