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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (187)	2/18/2000 1:20:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

E-collect introduced by Syndicate Bank Syndicate Bank declared the launch of the first of its e-commerce product e-collect. It targets to corporates and it offers end-to-end solutions and ensures collection, clearance and availability in 24 to 48 hours, bank officials said. According to Mr. K.V. Krishnamurthy, Chairman and Managing Director, Syndicate Bank, the bank has embarked on a computerization and e-commerce programme at a total cost of Rs. 45 crores. The bank has networked 42 branches in the first phase across the country extending from Guwahati to Thirucananthapuram. The connectivity will be extended over 100 branches in the second phase. Besides moving money on line, e-collect offers value-addition by providing invoice details to facilitate reconciliation. The launch of e-collect is a part of the bank?s strategy to leverage its vast distribution network, huge client base of 15 million and emerge as a solution provider of payment, Mr. Krishnamurthy said. The bank has tied up with trading corporate such as Baja Auto Finance, Reliance and is in the process of tying up with a couple of cement majors, Mr. Krishnamurthy said. Syndicate Bank achieved a deposit growth of 18.52 per cent year-on-year as against 16.17 per cent for the banking system. Its credit growth is 19.27 per cent against 16.29 per cent for the banking system. Forex turnover crossed Rs. 80,000 crores. Speaking to newspersons after announcing the launch of the e-collect, Mr. Krishnamurthy said interest rates were likely to come down but did not specify if his bank was looking at an Internet rate cut. He said the bank is likely to raise Tier-II capital of Rs. 60 crores but did not specify the time as the bank had sufficient funds at this juncture. Source : MI Feb 18, 2000