SINGAPORE, May 15 Asia Pulse - The State Bank of India (SBI) has awarded a US$17 million contract to Singapore's Datacraft (SGX:DCFT) to develop the second phase of its nationwide corporate network, following the successful implementation of the first phase project.
The project is critical to SBI's transition into a world-class retail bank and is the largest enterprise network rollout ever undertaken in India, Datacraft said in a press statement.
SBI has made Datacraft India its key systems integration partner with responsibility for the provision, supply and management of its corporate backbone, known as SBI Connect.
Over the one-year period starting June 2003, the network will be expanded to provide connectivity for 2,500 more branches of SBI and its seven associate banks across 270 cities throughout India.
Under a US$18 million contract awarded last year, Datacraft built the first phase of the SBI Connect to link 1500 branches across 49 Indian cities.
Datacraft successfully completed the rollout of the first phase on time and on budget. This was a key factor in the bank's decision to again choose Datacraft to supply and implement the second phase.
The Datacraft-designed SBI Connect network, being rolled out in several phases, is part of a US$100 million strategic IT initiative undertaken by SBI to transform its technology infrastructure and integrate its entire banking system for efficient growth, greater productivity and improved service levels.
Once completed, the nationwide IT backbone will revolutionise the SBI's operations, enabling its customers to operate their accounts in all key Indian cities and bank online, Datacraft said.
The system will support a host of advanced applications such as ATM banking, Internet banking, inter-bank electronic funds transfer as well as supporting the bank's centralised MIS strategy.
ASIA PULSE 15-05 1604