Madhav Nagrik Sahakari Bank, a co-operative in the Indian state of Rajasthan, has inked a five year IT outsourcing deal with IBM to support its move into Internet and mobile banking.
The deal will see IBM host and manage the bank's IT infrastructure from its own data centres, supporting an aggressive expansion plan targeted at the state's rural population.
As well as the introduction of Internet and mobile banking, the bank plans to expand its network of 25 branches and ATM facilities in the state.
Mukesh Modi, managing director, Madhav Nagrik Sahakari Bank, says: "In this age of technology driven banking, even co-operative banks like ours are taking a leap in providing the best of banking experience to our customers."
Nipun Mehrotra, VP and general manager, global technology services, IBM India and South Asia, adds: "By offering our IT services to the bank, we will not only help them cut their IT expenditure but also ensure they are able to focus on their core business and expansion plans."