Allahabad Bank to start CBS in 400 branches

Kolkata, May 6: Allahabad Bank has planned to launch Core Banking Services (CBS) in 400 branches in the current financial year and expand the total number of branches by 160.

Speaking on the sidelines of a press conference here yesterday, Allhabad Bank Managing Director A C Mahajan said the bank has already introduced CBS in 15 branches and is planning to expand it to 400 more branches.

Elaborating the bank's plan branch expansion, out of the total 160 branches, 14 would be opened in West Bengal. The bank has applied to the apex bank RBI with proposals to open another 11 branches in the state.

''Out of the 160 branches, 20 would be opened by next month,'' he said.

The bank also has plans to introduce internet banking and e-payment systems.

The bank would invest Rs 500 crore in this fiscal and raise Rs 1500 crore through Tier I and II capitals.

UNI