December 15, 2008

Madhav Nagrik Sahakari Bank (Sirohi, India) has signed a five-year outsourcing agreement with IBM (Armonk, N.Y.). Under the agreement, IBM will work with the bank to bring banking services to people living in rural areas of India's Rajasthan state.

Signed in 3Q 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.

IBM will provide end-to-end managed services that will enable the bank to offer services like Internet banking, mobile banking and ATM facilities to its customers. IBM will manage and run mission-critical applications for Madhav Nagrik Sahakari Bank. It will also use services assets that incorporate consulting and software, as well as IP from IBM Research to optimize and scale the company's IT.

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.