The Industrial Development Bank of India (IDBI) is all set to ramp up its Information Technology subsidiary, IDBI Intech, with a view to provide business groups with better IT services.
IDBI Intech has a paid-up capital of Rs 13 crore, while a Rs 10 crore infusion is likely, Corporate Head, Technology (IDBI) Sanjay Sharma said.
"The board of the bank is expected to clear the future roadmap of the IT subsidiary at a meeting this month. We expect the subsidiary to be operational by the beginning of next month," he added.
IDBI has already received necessary approvals from the Union Government and the Reserve Bank of India for the revival of IDBI Intech and to have it as an IT subsidiary.
Erstwhile IDBI, a financial institution, had IDBI Intech as an IT subsidiary but as soon as the banking outfit became operational in 2004, IDBI Intech stopped operation, though very much a part and parcel of the bank.
IDBI Intech as part of its business strategy would provide support to IDBI and its subsidiaries and associates with banking application software, data centre service, call centre, transaction processing, credit card processing, cheque truncation and BPO activities.
Once in a position to meet the IT requirement of IDBI, the subsidiary may take up outsourcing for other financial entities in the country.