State Bank group deploys anti-money laundering software
By IANSTuesday, March 17, 2009
BANGALORE - The State Bank of India (SBI) group deployed 3i Infotech software to prevent money laundering in compliance with the central bank’s regulatory order, the bank said Tuesday.
‘We have contracted with IT software product firm 3i Infotech to deploy its anti-money laundering solution across our group comprising SBI and six associate banks to monitor any suspicious transfer of money, including terror financing,’ SBI chief general manager B.S. Bhasin said in a statement here.
The Reserve Bank of India (RBI) and the Financial Intelligence Unit of India have made it mandatory for all banks operating in the country to adopt anti-money laundering technology for retaining the trust of its genuine customers.
The associate banks of the state-run SBI group are State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Indore, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore.
The SBI group has a combined branch network of 16,000 across the country.
‘We have implemented our award-winning solution in the SBI group to check money laundering by monitoring its huge transaction data. The deal has strengthened our presence in the Indian banking sector,’ 3i Infotech president (South Asia) Anirudh Prabhakaran said.
As a global provider of IT solutions, 3i Infotech is the fourth largest Indian software product firm.
