Karnataka Bank bid to implement Finacle praised
Mangalore: The senior vice-president and head of banking business unit of Infosys Technologies Ltd, Girish G Vaidya, has appreciated the management of Karnataka Bank Ltd for its initiative in implementing core banking solution (CBS), Finacle, way back in 2000. Addressing a gathering to celebrate networking of 200 branches of Karnataka Bank with Finacle here , he said that computerisation of banks in India began in the eighties because of RBI directions than the business considerations.

Saying that it was not easy to implement CBS during the initial days, he said Infosys and Karnataka Bank took the lead in implementing it. Quoting the chief mentor of Infosys, N R Narayanamurthy, Vaidya said speed and imagination are keys to success. The management of the bank, which imagined the requirements of the banking industry, took the right decision to implement the technology. The decision to make an HR person in-charge of Information Technology department was an example in this regard.
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IOB raises Rs 200 crore through private placement
Chennai: Indian Overseas Bank has raised Rs 200 crore by way of private placement of securities. This would be reckoned with tier-II capital, for calculating the bank's capital adequacy, the bank said in a notice to the stock exchanges.
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