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

To: Mohan Marette who wrote (300)	3/3/2000 8:07:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

BoB to set Net banking arm : [Akshayam te bhavishyati] bankofbaroda.com Bank of Baroda is in plans to set up a wholly owned subsidiary for Internet banking or a division for the same. The bank has also set the amount as Rs 250 crore ($55 mil) on connecting 560 branches into a wide area network which will enable the customers to access their accounts from any of these branches. The bank plans to complete the project over a period of 18 to 24 months across all 560 branches. P S Shenoy, Executive Director, said that the bank was testing the project in about eleven branches in Ahmedabad and Pune and would soon start to extend the project across it's computerized branches. He said, the theme of the year is customer services and the bank where by information technology gains prominence. The Bank is also computerizing a further 250 branches which contribute 50 per cent of the bank?s business. The chief vigilance commissioner had directed banks to computerize and interconnect branches which contribute 70 per cent of business by March 2001. "We are also serious about Internet banking and we are in process charring out the strategy to enter the field. We are considering whether or not to set up a wholly owned subsidiary for our Internet venture," Shenoy said. As per the legal frame work if the bank decides to float a subsidiary, it will have to be a wholly owned subsidiary, the bank can not have more then 30 per cent in a company promoted by them in case they plan to opt for a joint venture partner. At the same time the bank can optimize the benefit of e-banking by having a JV with a partner which can provide them with technical expertise. The bank is also in the process of embarking an IT strategic for the next five years. "We have invited consultants to evolve and implement and IT strategy for the bank," said Shenoy. Source : MI Mar 3, 2000