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SBI and TCS form a joint venture company

State Bank of India, the country's largest commercial bank had formed a joint venture with Tata Consultancy Services Ltd. TCS, India's top technology services firm, will hold 51 percent in the new company, C-Edge Technologies Ltd., while SBI will own 49 percent. C-Edge will offer technology and consulting services to the banking, financial services and insurance industry (BFSI).

C-Edge will have equity capital of 400 million rupees. TCS and SBI will have two representatives each on the Board of C-EDGE, which will likely to have Chairman from SBI. Mr K. Kumar, who headed BFSI (Delivery) at TCS, will be the Chief Executive Officer of the company.

C-EDGE will be located in Mumbai and will start operations as soon as the formalities for its incorporation are complete. In about three years' time, it would scale up to employ 1,000 persons.

C-Edge will function as a system integrator for banks in India and abroad; the implementation of the core-banking product by TCS in SBI will be replicated for other banks. As very few banks in India need a core-banking product; JV will focus on co-operative banks and regional rural banks.

Like many foreign banks who have separate arms managing technology side while the bank focuses on its core business. Instead of having in-house staff taking care of IT, SBI can outsource the IT work to the JV.

A separate company gives SBI flexibility in designing the employee structure and TCS gain from the banking expertise that SBI can bring to the table.

TCS had recently acquired FNS, a banking products company in Australia. C-Edge will play a key role in deploying FNS products.

>>> Read more SBI related news

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