Kotak Mahindra Bank Limited (Mumbai) has signed a $5 million IT services agreement with Armonk, N.Y.-based IBM. IBM will design, build and maintain a highly scalable, energy-efficient green data center as well as the converged IP network infrastructure for the client.
The solution being implemented by IBM will also help Kotak save more than $1.2 million in operational efficiency and reduced energy costs over the next five years. This implementation will help Kotak move towards a shared technology infrastructure services model across all its businesses. Kotak Mahindra Bank and all the group companies, including Kotak Securities and Kotak Life Insurance, will benefit from this consolidated data center and network infrastructure, according to IBM.
"In our aspiration towards building a world class, integrated banking and financial services institution, we are rolling out several initiatives which include a shared services utility model to leverage economies of scale and adopting more environmentally friendly processes including the reuse of materials, waste recycling and using renewable energy sources," says Vikram Sud, Group COO, Kotak Mahindra Bank Limited, speaking about the shared Data Center implementation.