IDBI Bank in major tech upgrade and business process re-engineering
IDBI Bank (formerly Industrial Development Bank of India), a state-owned bank in India, is going through a major core banking platform refresh.
The bank is currently running on an old version of Infosys’ Finacle, version 7.x. Furthermore, the system was deployed in separate installations for domestic operations (retail and corporate), commercial lending (corporate finance), Dubai operations, and international financial service centre banking unit (IBU).
The plan is to move to Finacle 10.x, bring domestic operations and commercial lending onto one instance of Finacle (as the new version has a dedicated module for commercial lending), and add new functionality.
IDBI Bank is also implementing the Oracle Real Application Clusters (RAC) database for Finacle at its data and disaster recover centres.
As part of this major upgrade, the bank will also re-engineer its business processes.
IDBI Bank has a nationwide network of 1,700+ branches and 3,000 ATMs, plus an office in Dubai. Its aggregate balance sheet stands at INR 3.56 trillion ($53 billion). The bank employs 18,500 people.
It says it “is pursuing an ambitious growth plan, which will take it to achieve a greater size in the coming years”.
The bank has been using Finacle as its core system for over ten years.