A recent press release said that Saraswat Bank has tied up with Reliance ADAG under which the Anil Ambani-led group will market a core banking solution developed by the bank’s InfoTech subsidiary.
Mr.Eknath Thakur, Chairman, Sarwat Bank told the press that, the bank will sell its core banking software, ‘Swift Core’, to banks using ADAG’s optical fibre network spread across the country through the tie up. He added saying that ADAG will market the product and do the invoicing where as SIL will serve as the service provider and carry out the maintenance. He did not mention the name of the ADAG group company or subsidiary the bank has partnered with.
He also said that ADAG has invested over Rs 15,000 crore to erect the OFC network. It also has 6,000 employees and a centralised data monitoring centre at Navi Mumbai, which will help Saraswat Bank.
Mr. Thakur said that Saraswat Bank has received pan-India operations license by the Reserve Bank and it is looking forward in expanding its branch network to 500 from the present 216 by FY’16-end and a majority of the new branches will be in geographies outside where it has a presence presently. The bank offers home loan, personal loan, vehicle loan etc.