Indian Bank, one of the leading public sector banks in India, has recently taken a significant step towards expanding its operational capabilities by opening a wholly owned subsidiary called Indbank Global Support Services Ltd. (IGSS). This new subsidiary aims to offer comprehensive outsourcing solutions for various banking operations.
According to the CEO-designate of IGSS, Kanhaiyalal Agarwal, the subsidiary will initially focus on sourcing and collection-support activities. This means that IGSS will handle activities related to sourcing funds and managing collections on behalf of Indian Bank. By outsourcing these functions to IGSS, Indian Bank can streamline its operations and enhance efficiency.
However, the ambitions of IGSS do not stop there. The bank has plans to gradually expand the services offered by the subsidiary. In addition to sourcing and collection-support activities, IGSS will eventually cover processing activities, contact centre services, and technology-related functions. This indicates that IGSS will play a pivotal role in managing and supporting various banking operations, allowing Indian Bank to leverage its expertise and resources.
The MD & CEO of Indian Bank, S.L. Jain, expressed confidence in IGSS and its potential to contribute to the continued growth and success of the bank. During the inauguration of IGSS’s registered office in Chennai, Jain highlighted the importance of this subsidiary in augmenting Indian Bank’s operational capabilities. By leveraging the services provided by IGSS, Indian Bank can enhance its efficiency, improve customer service, and focus on its core banking activities.
The establishment of IGSS reflects Indian Bank’s commitment to innovation and its proactive approach to meeting the evolving needs of the banking industry. By creating a dedicated subsidiary for outsourcing solutions, Indian Bank aims to optimize its operations, reduce costs, and improve overall performance.
Overall, the opening of Indbank Global Support Services Ltd. marks an important milestone for Indian Bank. The subsidiary will not only enhance the bank’s operational capabilities but also contribute to its continued growth and success. With a focus on sourcing, collection-support, processing activities, contact centre services, and technology-related functions, IGSS is poised to play a vital role in the future of Indian Bank.
