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

To: Mohan Marette who wrote (214)	2/23/2000 9:34:00 AM
From: Mohan Marette	Respond to of 494

Syndicate Bank Turns E-Savvy syndicatebank.com By Uday Lal Pai India Correspondent, asia.internet.com [February 23, 2000--MUMBAI] Syndicate Bank, one of the oldest public sector banks in India, has announced the launch of 'e-collect', its first e-commerce product targeted at corporates. E-collect will offer end-to-end solutions and ensure collection, processing and clearance of monetary transactions in 24 to 48 hours, much faster than the week-long cycle currently prevalent in non-metropolitan areas, claimed bank officials. The bank, which has a huge client base of around 15 million, has in the first phase networked 42 branches across the country -- which would, in the next couple of months, be extended to 100 centers across the country. Syndicate Bank has received many inquiries from foreign banks for possible tie-ups. "We intend to tie up with foreign banks and customize the product to suit the needs of the individual customers of these banks," said K.V. Krishnamoorthy, chairman and managing director of Syndicate Bank. Many foreign and private sector banks offer a similar product, but they are connected only in metro and urban areas. However, most multinationals and corporates have vast distribution networks in semi-urban and rural areas, added Krishnamoorthy. Industry sources stated that India's mutual funds giant, Unit Trust of India, is likely to consider a tie-up with Syndicate Bank, though a bank spokesperson said that no deal has been finalized yet. The bank has already tied up with companies such as Bajaj Auto Finance and Reliance, and is currently talking with other firms, said Krishnamoorthy. According to B.S. Murthi, general manager (treasury), foreign banks are keen on a tie-up in the second phase in order to use the payment platform. "We will have the option to choose our customers on the basis of the size of the corresponding banking relationship," he said. The launch of e-collect is obviously a part of Syndicate Bank's strategy to leverage its vast distribution network and emerge as a payment solutions provider.