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Wednesday, Apr 06, 2005

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Allahabad Bank on Rs 300-cr tech upgradation

Our Bureau

Kolkata , April 5

ALLAHABAD Bank has lined up a fresh technology upgradation programme, entailing an investment of Rs 300 crore, to be spent over the next two years.

The bank, which seeks to bring its services on an advanced technological platform, hopes to improve its performance in the coming years on the basis of new technology. Briefing newspersons here, Mr S.K. Goel, Executive Director of the bank, said the board had already approved the investment proposal.

The bank has also proposed to fine-tune its retail business strategy with a view to increasing its focus on the retail customer. It offers a number of investment and savings products, through tie-ups with organisations such as LIC and UTI. The plan is to increase fee-based income by utilising these tie-ups even further.

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