In order to improve scalability and agility, the public sector Indian Bank has partnered with Nasdaq-listed IBM to develop infrastructure that is future-ready.
The city-based bank’s ‘Project Paradise’ plan called for consolidating its front branch servers at data centres and disaster recovery facilities for greater manageability and availability.
Project Paradise initiative of the Indian Bank refers to — Performance Augmentation by Resource Aggregation in a Distributed Environment.
IBM has collaborated with Indian Bank, to accelerate its modernisation path with flexible and secure infrastructure for deploying new front-end banking applications, while addressing the business growth of the Core Banking Solution workloads of the bank, a bank statement here said.
Commenting on the partnership with IBM, Indian Bank chief general manager IT and Partnership, Deepak Sarda said, “We are thrilled to work with IBM to transform our core banking environment. With the proposed private cloud solution, we aim to achieve better agility, scalability and security to meet our growth requirements and adopt a consumption-based IT solution…” As part of a capacity management initiative and to manage evolving application requirements, we wanted a cloud-like functionality within our own data centre.
With benefits like better flexibility, lower costs and enhanced security, we are creating a value-oriented solution by setting up a proactive and service-oriented model for the bank, he said.
To simplify and improve the security of their private cloud, Indian Bank is using IBM PowerSC for all AIX endpoints to get better support for compliance audits. Indian Bank has also deployed IBM PowerVC for cloud deployments, and workload image management among others. the statement added.
On Tuesday shares of the Indian Bank closed 2% up at Rs. 391.25. As per the company filing, total revenue grew by 25% YoY from Rs. 11,897.53 Cr in Q1 FY23 to Rs. 14,921.43 Cr in Q1 FY24 and for the same period, net profit increased by 41% YoY from Rs. 1,311.08 Cr to Rs. 1,849.68 Cr.
