IOB mulls new core banking solution on Oracle platformMay 5th, 2012 - 8:58 pm ICT by IANS
Chennai, May 5 (IANS) Government-owned Indian Overseas Bank (IOB) will soon migrate to a new core banking solution (CBS) built on Oracle platform from its own CBS, a senior bank official said Saturday.
“The Reserve Bank of India (RBI) wants reports from the banks in a common format. Most of the banks are on Oracle platform and hence those who are not on that will have to migrate,” IOB general manager S. Radhakrishnan told reporters on the sidelines of the bank’s press meet here.
The RBI has decided to have an automated data flow (ADF) of reports in prescribed formats straight from the bank’s computer systems without any manual intervention.
Radhakrishnan said the central government has asked the banks not on the Oracle platform to migrate to it.
A common request for proposals (RFP) will be floated on behalf of the banks that are not on the Oracle platform soon and the document is being worked out by IDBI Infotech, he said.
“The value of the proposed deal would be a couple of hundred crore of rupees. IOB might have to go for a new CBS,” Radhakrishnan remarked.
IOB had developed its CBS in-house on Sybase platform and it had plans of floating a separate subsidiary to vend the solution. With the new development IOB will have to dump its own CBS.
He said the CBS market is dominated by companies like Tata Consultancy Services, Infosys and others.
Similarly a common RFP is also being planned on behalf of public sector banks for acquiring cash dispensers.
Radhakrishnan said the government has divided the country into several clusters and each will have a group of banks on behalf of whom a common RFP for cash dispensers would be issued by a lead bank.
“Majority of the transactions in automatic teller machines (ATM) are cash withdrawals. The other features of an ATM are hardly being used. Hence cash dispensers are better option. The cost will be nearly half of that of an ATM,” Radhakrishnan said.
- Indian Overseas Bank picks consultant for software arm - May 25, 2011
- Indian Overseas Bank to float software subsidiary - Nov 11, 2010
- Wipro bags customer excellence award - Nov 29, 2011
- Banks to be held responsible for fake notes in ATMs - Jan 27, 2012
- Postal dept, banks to provide credit cards to rural people - Jan 02, 2011
- Strike doesn't affect life in Tamil Nadu - Feb 28, 2012
- 'No pre-payment charge on floating rate bank loans' - Sep 06, 2011
- Need to shift from cash to electronic payment: Subbarao - Aug 03, 2012
- WIPRO computerises five cooperative banks - Jul 31, 2012
- SAP Acquires Sybase To Give Oracle A Run For Its Money - May 13, 2010
- Over Rs.1 crore stolen from Axis Bank ATMs in Allahabad - Jul 15, 2012
- Oz ATMs eject 'thousands of dollars' thanks to malfunction - Mar 01, 2011
- Air India board decides on loan restructuring, cost-cutting measures - Nov 29, 2011
- Gitanjali group inaugurates first gold-dispensing ATM - Oct 22, 2011
- RBI to act against banks not beefing up cyber security - Jan 27, 2012
Tags: adf, automatic teller machines, bank of india, banking solution, cash dispensers, cash withdrawals, cbs market, central government, core banking, crore, data flow, indian overseas bank, infosys, lead bank, manual intervention, public sector banks, reserve bank of india, rupees, s radhakrishnan, tata consultancy services