IBM signs 5 mn pact with Kotak

Mumbai, Jan 5: IBM, the global technology services provider, on Monday, Jan 4 announced that it has signed a $5 million IT services agreement with Kotak Mahindra Bank Limited —one of India"s banking & financial services providers. IBM will design a data centre to Kotak that will save over $1.2 million in operational efficiency and reduced energy costs over the next five years.

Kotak Mahindra Bank and all the group companies, including Kotak Securities and Kotak Life Insurance, will benefit from this consolidated data center and network infrastructure.

Vikram Sud, Group COO, Kotak Mahindra Bank Limited, speaking about the shared Data Center implementation said, “In our aspiration towards building a integrated banking and financial services institution, we are rolling out several initiatives which include a shared services utility model to leverage economies of scale and adopting more environmentally friendly processes including the reuse of materials, waste recycling and using renewable energy sources."

OneIndia News (With inputs from Agencies)