Skip to main content

IBM Signs Five-Year IT Outsourcing Agreement With Madhav Nagrik Sahakari Bank in India

Deal Aims to Support Expansion Plans as Well as Launch of Internet and Mobile Banking

BANGALORE, INDIA - 15 Dec 2008: IBM (NYSE: IBM) today announced a five-year IT outsourcing agreement with Madhav Nagrik Sahakari Bank, one of the leading co-operative banks in the state of Rajasthan in India. As part of the agreement, IBM will host and manage the IT infrastructure to help the bank focus on its aggressive expansion plans while reducing its huge capital expenditure.

Signed in the third quarter of 2008, this agreement is the first of its kind for IBM in Rajasthan. IBM is focused on the small and medium businesses including those based in small towns like Sirohi, where the bank is headquartered.

Madhav Nagrik Sahakari Bank plans to increase its presence from the existing network of 25 branches in Rajasthan. The bank is also dedicated to offering services like Internet banking, mobile banking and ATM facilities to its customers, who are pre-dominantly from semi-urban and rural areas. The end-to-end managed services being provided by IBM will enable the bank to achieve its growth plans while garnering a greater level of trust and satisfaction from its loyal customer base.

"In this age of technology driven banking, even co-operative banks like ours are taking a leap in providing the best of banking experience to our customers," said Mr. Mukesh Modi, Managing Director, Madhav Nagrik Sahakari Bank. "Our association with IBM, the world's leading IT services company, would not only help us focus more on our aggressive growth plans but at the same time ensure a higher degree of customer satisfaction."

Nipun Mehrotra, Vice President and General Manager, Global Technology Services, IBM India and South Asia remarked, "Our engagement with Madhav Nagrik Sahakari Bank reiterates IBM's commitment to helping organizations who are looking to grow their business. By offering our IT services to the bank, we will not only help them cut their IT expenditure but also ensure they are able to focus on their core business and expansion plans. We will continue to expand our geographical reach and work with more clients like Madhav Bank."

This agreement with IBM also helps the bank overcome a key challenge of getting high-quality IT experts in small towns like Sirohi, which has a population of about 55,000. With IBM hosting the bank's entire IT infrastructure from its own data centers, the bank will be able to leverage the same world-class expertise that serves many of its larger enterprise as well as global clients.

About Madhav Nagrik Sahakari Bank:
Madhav Nagrik Sahakari Bank is a licensed urban co-operative bank having 25 branches in the state of Rajasthan including in the capital city of Jaipur. The bank, which completed 35 years of operation, has over 172,000 customers and has been dedicated to their socio-economic development. The bank has made tremendous progress in terms of reserved funds, deposits, loan disbursement and net profit over the last few financial years. For more details, please log on to http://madhavbank.com/home.htm

About IBM
For more information, visit www.ibm.com/services.

Contact(s) information

Jenna Gable
IBM Media Relations
(917) 472-3512
gablej@us.ibm.com

Goldie Srivastava
IBM Communications
+91-9880309691
gsrivast@in.ibm.com

Related XML feeds
Topics XML feeds
Banking and Financial Services
News about IBM solutions for the banking, investment banking, and insurance industries
Global Financing
Hardware leasing, software and services financing, commercial financing, inventory, accounts receivable, term loans, acquisition financing

Document options