State Bank Of India

State Bank of India (SBI) has increased its information technology (IT) budget by a third this financial year as part of its strategy to improve its digital offerings. The bank will spend nearly Rs.4,000 crore before March 2016 and significantly upgrade its IT back-end, while also investing in new equipment for the 250 InTouch Lite branches it plans to add during the year.

The InTouch Lite branches will have devices for customers to help themselves while opening a new account, getting a new debit card, transferring or depositing money, planning for savings and applying for new loans.

The bank has posted a rise of 65.52% in its net profit at Rs 134.42 crore for the quarter ended March 31, 2015 as compared to Rs 81.21 crore for the same quarter in the previous year. Total income of the bank has increased by 11.55% at Rs 1308.04 crore for quarter under review as compared to Rs 1172.58 crore for the quarter ended March 31, 2014.