>PSU bank trio charts roadmap for onward trip

An alliance of three banks — Indian Bank, Oriental Bank of Commerce and Corporation Bank — has identified as many as 13 areas on which they could work together. The rollout to customers will begin by mid-December.

On Friday, the chiefs of the three state-owned banks signed an MoU. On September 15, the three banks had signed an expression of interest (EoI) to work together without actually merging.

The 13 areas include

• IT resources,
• treasury,
  
• capital markets,
  
• training,
  
• procurement of assets,
  
• e-payments system,
  
• business syndication,
  
• bancassurance,
  
• market research,
  
• cash-management services,
  
• interbank payments,
  
• cards and overseas banking operations.
  

“We will start with payments system and it will be followed by credit syndication.

This is a very intelligent move which would save cost for all the 3 banks while greater co-operation would also lead them to take on competition more effectively.