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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)

SIFY 10.79

-0.6%

Nov 7 3:59 PM EST

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To: Mohan Marette who wrote (763)	2/17/2000 1:39:00 AM
From: Mohan Marette	Read Replies (1) of 1471

Bank of Madura launches "anywhere banking"! SIFY/BoMa JV in progress bankofmadura.com bankofmadura.com Bank of Madura will shortly become the first old private sector bank to offer "anywhere banking". The bank plans to network around 125 automated branches by April 2000. Currently, networking of around 25 branches is going through a test phase. The branches would be connected using both VSAT and leased lines. The bank is going for central switch architecture to ensure scalability in future. There are also plans to launch a debit card by April. The bank had recently launched a co-branded card in association with ANZ Grind lays Bank. Preliminary work is going on in its recently launched joint ventures with TCS for providing IT-enhanced services and its joint venture with Satyam Infoway for an e-commerce portal targeted at persons of Indian origin. The bank is at present in the process of restructuring. The bank is looking to recruit top-notch talents at senior levels from the market to manage its expanding business. The bank needed manpower for corporate banking as well as marketing its financial products, including products of mutual fund schemes in future. Dr. Thiagarajan said that he had urged the board to consider having a performance-based pay packet system for senior executives in order to motivate and retain top talent in the organisation. On whether Bank of Madura would bring down interest rates, Dr. Thiagarajan said he would prefer to wait till the Budget before taking a view. He reiterated that both the quantum as well as the high rate at which the Government was borrowing, would make it difficult for banks to bring down interest rates. Source : MI Feb 17, 2000 BOM.B 127.05 +7.05 +5.88% BOM.N 131.90 +9.75 +7.98% -WalletWatch

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