SBI left in dilemma for its Internet Banking Operations
By Vaibhav Aggarwal
Jan 14, 2009
Print    Email    RSS   

The havoc created in the IT industry due the fraud confessed by the director of Satyam Computer Services Ltd has left the largest lender, State Bank of India (SBI) in a puzzled state, as it has entered into a contract with the firm for its Internet Banking Operations.

Presently the bank is reviewing the government's move on handling with the troubled IT firm and at the same time it is also fixing its own IT team to control the division if the situation turns against them.

However a senior executive in charge of the division says that there is still no requirement to declare a panic. "We do not immediately want to engage another IT firm in place of Satyam, though we are weighing all options. But as of now, the government looks in control of the situation and we are hopeful that thing would sort out soon," he said.

He further confirmed that "no department or customer would be put to inconvenience due to the recent development."

SBI's Chairman O P Bhatt told that the bank does not has any direct exposure with the firm but nearly Rs 500 crore are exposed to Maytas Properties and Maytas Infra, firms that come under the Satyam Group.

The bank is analyzing all the accounts of these firms and providing the necessary information to the Central Government and RBI in order to see if there is a need to take any immediate action.

In fact RBI has directed all the banks to provide full information of their exposure to the Satyam Group.

Meanwhile commenting on SBI's outsourcing with the disgraced IT firm, All India Bank Employees Association (AIBEA) said that a close investigation would be done on the matter. "Investigation must be held to ensure that data which Satyam was privy to, with SBI as its customer, has not been not misused," said the Secretary of AIBEA, CH Venkatachalam.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Personal Loan Vs. Cash advance from credit...
How far can new banking licenses be banked...
Some admissible deductions under Income...
This is how a bank lends money
Pay income tax through ATM

HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive