Canara Bank plans to spend Rs.3000 crore in IT Transformation

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Canara Bank, a public sector bank, is set to finalize a ₹3,000 crore IT transformation agreement to modernize its technology infrastructure, sources familiar with the matter have revealed.

In a competitive bidding race, global tech giants IBM and its managed infrastructure services spin-off Kyndryl are leading contenders for the partnership, aiming to revamp Canara Bank’s technological capabilities.

This collaboration seeks to enhance the bank’s ability to deliver efficient banking solutions to its customers, though no specific timeline for the deal has been established.

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Despite inquiries, Canara Bank has not provided a response.Canara Bank’s MD and CEO, K Satyanarayana Raju, emphasized the bank’s commitment to its digital journey, which has seen substantial investment in new technology initiatives over the past three years, amounting to ₹1,200 crore in the current year.

The bank’s goal is to achieve 90 percent digitization of RAM (Retail, Agriculture, and MSME) transactions by March 2024. Canara Bank has been an early adopter of tech capabilities, even pioneering data analytics to proactively monitor deficiencies.

With its digital transformation, Canara Bank aims to become the leading retail bank in the public sector and attract younger generations. In the last quarter (Q4), the bank reported a significant 90 percent increase in net profits to ₹3,175 crore, compared to ₹1,969 crore in the same quarter the previous year.

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The net interest income (NII) also rose by 23 percent year-on-year to ₹8,616 crore in Q4, up from ₹7,006 crore in the corresponding quarter of the previous year.

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