IDBI Intech, a wholly owned technology subsidiary of IDBI Bank, is planning to venture into the management consultancy space for small and mid-size banks in the country.
It has already embarked on a pilot project with a ‘mid-size, public sector bank', the company Chief Executive Officer and Managing Director, Mr Sanjay Sharma, said, without elaborating further.
“In many cases, we have seen banks invest heavily into information technology without making any changes at the operational level, which is a recipe for disaster. We believe we have the required skill sets to plunge into this space,” Mr Sharma had said on the sidelines of a news conference last week.
The company had donned the consultant's hat when its parent IDBI Bank decided to acquire United Western Bank in 2006. Established in 2000, IDBI Intech provides IT-related services in the area of consultancy, system integration, system implementation and support, applications and server hosting and other IT-related managed services and specialised training.
In the next five years, IDBI Intech plans to grow into a full-fledged banking software and services firm with a turnover of Rs 500 crore from Rs 140 crore reported last year, said Mr Sharma. The company is expected to close the current fiscal with revenues of Rs 180 crore.
adith@thehindu.co.in