SVCB To Open CTS Enabled Branch In Delhi

The Shamrao Vithal Co-operative Bank (SVCB) has its operations spread across Maharashtra, Karnataka and Goa. Ravikiran Mankikar, GM-IT, SVCB, speaks to Biztech2.0 about the ongoing IT initiatives at the bank.

Which IT initiatives is the bank associated with currently?

We are in the process of implementing the centralised clearing process module (as a part of our Genius I CBS). We are also deploying a school fee collection module, which we plan to leverage to get school-related business. Our team is also implementing the in-house built Genius I CBS in six other co-operative banks; this process has reached various stages of completion at various banks.

Going further, we will be rolling out an Internet banking module by July end that will enable utility payments and interbank fund transfers, thus taking us closer to the level of services offered by a private bank.

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The bank will also be opening its maiden CTS-enabled (Cheque Truncation System) branch in Delhi. Another initiative in the pipeline is the centralisation of all servers. Till now, our operations have been decentralised with the servers at individual branches being connected to the main server. However, we intend to migrate to central server-based operations soon.

We have also started using the Sharepoint portal to publish circulars and other documents. Our forex module is operational from Mumbai, so if other locations need to publish any forex-related documents they can approach this module and get them published.

Can you brief us about the bank’s strategy regarding IT audit?

We use the ACL Audit tool to audit our internal processes. All our business processes are audited periodically. We conduct various kinds of audits like internal, technology, functional and application audits. A new application is thoroughly audited before its rollout.

The bank prepares about four hundred reports on a regular basis for operational purposes. They are made available to the auditors in case they fall in the scope of their audit. Additionally, whatever specific reports are required by the auditors are also formulated and put at their disposal. For application audits, we check if all controls are functioning properly. There is an RBI checklist we have to follow to conduct a systems audit. This process can be further improved upon by auditors supplementing the RBI guidelines.

Due to inflationary concerns, organisations are consistently looking at ways to cut costs. What is SVCB’s position on this front?

I have a different idea of IT and cost cutting. I believe IT is an investment and not a cost centre. If a bank opens a new branch, it has to invest in real estate, infrastructure and human resources. This investment will render earnings for the bank over a period of time. Similarly, IT is an investment and yields earnings over a period of time.

The fact is that technology has a gestation period after which it starts giving results. It also depends on how IT is used to change the business environment. SVCB’s business has grown by about 800 cr in the past three years without any major investments in new branches, talent recruitment etc.