TCS, SBI in banking solutions JV.
Economic Times (New Delhi, India), November, 2005
Nov. 15--TATA Consultancy Services (TCS) and State Bank of India (SBI) have joined hands to form an IT company -- C-Edge Technologies -- with a start-up capital of Rs 40 crore. TCS will hold a 51 percent stake in the joint venture, while the balance 49 percent will be held by SBI, reports Our Mumbai Bureau.
C-Edge will be headed by Krishna Kumar, who was a banking consultant with TCS earlier. Both TCS and SBI will be equally represented in the company.
"We intend to provide implementation capabilities through this product, and take this to global levels in the next 2-3 years. At the moment, 20-25 percent of banks make use of core banking solutions," said AK Purwar, chairman, SBI.
This company will bring technology to co-operative banks and...
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