The Hindu Business Line : Dhanalakshmi Bank plans tech upgradation

DHANALAKSHMI Bank Ltd has chalked out ambitious plans for business expansion with the help of technology initiatives. The Thrissur-based bank has earmarked Rs 40 crore for implementing technology plans that include core banking solution in 60 select branches and setting up of at least 50 automated teller machines (ATMs), according to its Managing Director and Chief Executive Officer, Mr T.R. Madhavan.

Addressing newspersons here, he said the bank had already entered into an alliance with i-flex for implementing core-banking solution to provide anywhere banking facility.

The bank will set up a data centre at the Technology Park at Bangalore for which it has acquired space.

The bank, currently evaluating various options for expanding its ATM network, would soon take a decision on whether to outsource ATMs or set up the network on its own. "Either way, we plan to put in place at least 50 ATMs in the next four months," he said.

Mr Madhavan expected the tier-II bonds issue that opened on Monday for raising Rs 45 crore to close before the scheduled time and enable the bank to enhance its capital adequacy ratio to over 13.5 per cent from the current level of 10.45 per cent. This enables the bank to significantly expand its asset base, he said.

He said the net NPAs had come down to around 7.6 per cent now from 9.25 per cent as at the end of March 2003.

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