Chennai: Indian Bank is strengthening its cyber system as the public sector bank is looking at increasing the digital transactions. Its digital transactions will exceed Rs 70,000 crore by the end of this fiscal. Transactions have already touched Rs 52,000 crore up to the third quarter of this financial year.
Indian Bank MD & CEO S L Jain said, the bank is upgrading its cyber system, which will be driven by AI and ML. “Data and information leakage or any kind of threat in our system can be identified, detected and plugged. We are earmarking Rs 200 crore for the purpose,” he told reporters here on Thursday.
The bank has nearly 1.6 crore customers on its mobile banking platform and more than one crore customers are using internet banking. “Mobile banking is growing at 47% and we are aggressive in the QR code space as well,” he added.
Meanwhile, the bank will be launching its wholly owned subsidiary, which will be engaged for different purposes including back office, sales and marketing. “We have obtained approval from the RBI. It will have a CEO and recruitment of staff for the subsidiary will commence,” Jain said.
