J&K Bank and TATA Consultancy Services (TCS), Asia's largest IT company signed a Memorandum of Understanding (MoU) today to signal their intent to work together to create an IT blue-print for the bank. The two companies will also work together to create a blueprint for an enabling technology framework for the state of J&K in order to speed up economic development and help develop industry and commerce in the state.
In this connection a joint press conference was addressed by Mr Jai Ram Ramesh, Union Minister for Power, Dr Haseeb A Drabu Chairman and CE J&K Bank and Mr S Ramadorai, CEO and MD of TCS here at J&K Bank Headquarters wherein Media was briefed about the visit of top TCS management team.
Speaking on the occasion, Dr. Haseeb Drabu said: "J&K Bank has been always working hard to help the state realize its economic potential and we believe that visits from large, successful business groups like the Tata group, led by TCS will only accelerate this process."
Mr S Ramadorai, CEO and MD of TCS, said: "It has been a great experience for all of us to understand the business realities on the ground in J&K and learn about the economic and business potential of the state. We will work with J&K Bank to put in place a technology blue-print, which we believe can propel the economic development in this area."
Earlier the MoU was signed in presence of Mr. Jairam Ramesh, Union Minister of Power, Dr. Haseeb A Drabu, Chairman & Chief Executive of the J&K Bank and Mr. S Ramadorai, CEO & MD TCS, by Mr. A. K. Mehta, Executive Director and Chief Operating Officer of the J&K Bank and Mr. Ajoyendra Mukherjee, Global Head HR on behalf of the TCS.
As per the agreement, JK Bank plans to leverage the knowledge and global expertise of TCS by entering into the project definitive agreements from time to time, as agreed by both parties.
The objectives of relationship include collaboration on various aspects of technology including enterprise data warehouse and document management systems, infrastructure consolidation, Management Information Systems, enterprise-wide network planning, and Information security planning and IT asset management.
In addition, both parties will work on financial planning and advisory services as well products for financial inclusion and payment systems.
The TCS team led by CEO and MD, Mr. S Ramadorai as well as representatives from other Tata group companies concluded a two-day visit to the state capital where they met with chambers of commerce and industry, entrepreneurs, academic institutions and government officials. The visit was facilitated by J&K Bank.