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IOB earmarks Rs 300 cr for IT upgrade

59Indian Overseas Bank has earmarked Rs 300 crore for technology upgradation in the bank. R. Koteesearan, MD and CEO of the bank said the bank plans to implement a new CBS platform by the end of this year or earnly next calendar year. The Rs 300 crore would be spent for technology upgradation over a 7-year period, he added. The bank had earlier taken steps upgrade the CBS platform and had appointed Ernst & Young as consultants for the project. The bank would be implementing Finacle CBS.

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