NEWS & ADVICE : PERSONAL LOAN
SBI left in dilemma for its Internet Banking Operations
By Vaibhav Aggarwal
Jan 14, 2009
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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.

 


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