The bank is likely to choose its IT partner from Infosys, US-based technology firm FIS Global and Polaris Financial Technology, said the media report.
According to the terms and conditions, the selected service provider will own the hardware and software of the entire bank and will be paid on a per-branch-per-month basis, added Business Standard.
Subsequently, the model would help the bank avoid making straight investment in technology and would also speed up the expansion process.
Moreover, the IT vendors have already sent their bids for implementing the bank's core banking solution which is being examined by the core group, added the media report.
Dion Global Solutions Ltd.