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Vinson Kurian

THIRUVANANTHAPURAM, Jan. 25

STATE Bank of India is pursuing a ``systematic'' plan to bring about greater synergy between its Corporate Accounts Group (CAG) based in the metros and its retail network.

The Managing Director and Group Executive (Corporate Banking), Mr Y. Radhakrishnan, told Business Line here that the integration exercise was under way and complete synergy would be achieved sooner than later. When asked to specify, he said it was ``being achieved on a day-to-day base''.

``For example we are going to reach out to the corporate customers. ATMs will be set up in corporate offices and factories. And, in the process, we seek to acquire the retail and personal accounts of the individual executives,'' Mr Radhakrishnan explained.

``Also, the response to our cash management product, the SBICMP, has been very good. The response to our Internet banking product, which was sold to our corporate customers, has also been good."

``A unique feature of the Internet banking product is that our plans are linked to the technology upgradation plans of the corporates themselves. Whenever we buy any software or hardware, we try to ensure that research and development at the corporates is in consonance with our own future development plans. So upgrades of the product are facilitated,'' Mr Radhakrishnan said.

On the newly introduced product for faster reconciliation of nostro accounts, he said the internal reconciliation mechanism for the rupee leg, developed by SBI's IT department, was in place. Software for reconciliation of the dollar leg would be acquired from outside.

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