Dena Bank enters core banking era

Mumbai, Mar 12 (UNI) Dena Bank, one of the leading public sector banks, entered the core-banking era today with the launch of 'core banking system' at its Mahim branch at the hands of V Leeladhar, Deputy Governor, Reserve Bank of India (RBI) here.

N R Narayan Murthy, Chief Mentor, Infosys Technologies Ltd was also present on the occasion. The bank has already started its Dena Data Centre at Jogeshwari in East Mumbai last month.

The bank's Disaster Recovery Site at Bangalore is also operational to ensure business continuity. The bank plans to put around 92 per cent of its business under the core banking in the next 15 quarters. In all, 850 branches out of total 1122 branches including extension counters of the bank are slated for coverage.

All new branches of the bank to be opened from now will straightaway be brought under the umbrella of the core banking.

The core banking system comes with a host of customer friendly services like internet banking, phone banking, mobile banking and cash management services besides software system for integrated treasury operations.

A number of third party software solutions are being integrated with core banking mainly with a view to address regulatory concerns.

Among others, the bank will implement, in a phased manner, solutions for asset liability management from Oracle, anti-money laundering solution from 3i Infotech, Integrated Treasury solution from Credence, Cash Management solution from Cashtech, credit appraisal system from Sysarc and integrated risk management from SAS will ensure Basel II compliance.

The core banking project of the bank has been guided by its technology advisor Prof N L Sarda of IIT, Mumbai and the Ernst&Young which is the bank's consultant.

UNI