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Finacle
to power SBI's global operations
Mumbai: The State Bank of India has awarded a $35-million
contract to Infosys Technologies to power its international
banking operations with Finacle, the company's universal
banking solution.
The bank will deploy Finacle core-banking, e-banking and
treasury solutions across current operations in 20 countries
and all future additions to its global operations. Currently,
SBI has a presence in 28 countries through 54 offices.
It plans to expand to 70 offices in 36 countries by the
end of the current fiscal.
Finacle will be the single integrated universal banking
solution platform for SBI globally and will replace the
current disparate systems across its entire international
operations, providing the bank with a unified view of
its international business, better risk management capability,
enhanced MIS and unified customer experience globally.
SBI
officials have said that the bank was looking at setting
up ATMs in six or seven countries overseas, where its
customers can withdraw money in local currency. Other
plans include scouting for acquisitions in Africa and
Asia.
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SBI
cuts interest rates as 'Onam gift'
Kochi: The State Bank of India (SBI) has reduced
interest rates on housing loans to 7 per cent and car
loans to 8 per cent on the occasion of Onam.
The SBI has also waived processing charges for housing,
car personal and festival loans as well as for its express
credit, for those who avail the special offer during August
16 to 28, according to a statement from the bank.
Concessions are also available on other schemes such as
Teacher Plus, Doctor Plus, Police Plus etc., the statement
said. The bank has also opened an NRI (non-resident Indian)
Relationship Centre here to provide NRIs consultancy services
in the area of investments.
The centre, set up at the bank's NRI branch at Ravipuram,
will service all NRIs in and around Kochi free of cost
irrespective of whether they are banking with SBI or not,
SBI said.
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