Financial Daily from THE HINDU group of publications
Saturday, May 18, 2002
Financial Daily from THE HINDU group of publications Saturday, May 18, 2002 |
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Money & Banking
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Public Sector Banks SBI hopes to get nod soon for IT arm Our Bureau
MUMBAI, May 17 STATE Bank of India is likely to obtain clearance from the government for its information technology subsidiary.The approval should happen in a month's time, said Mr. Y Radhakrishnan, Managing Director, SBI, at the sidelines of a news conference here. SBI had some time ago drawn up plans for floating a 100 per cent owned IT subsidiary, but it had earlier been shot down by the government, which cited reasons of unsustainability, unviability, incompatibiltiy with the bank's core competence and the like. "We are making a new presentation to the government which is re-examining it. It will be through,'' said Mr. Radhakrishnan. The IT subsidiary would work closely with all the seven technology partners of SBI who are its vendors for several different projects. "We have seven major projects and this subsidiary will help our vendors to implement them,'' he said.
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