Major IT Initiative
Canara Bank had a major IT initiative to network all branches and move them to a single software platform. Canara Bank chose Flexcube from Oracle Financial Services Software as the application. The Bank entered into an agreement with IBM for rolling out flexcube to over 1000 branches as part of Phase I. This phase has just been concluded, with Karaikudi Branch in Tamil Nadu being the 1000th branch to go live. Over 22 million customers are benefiting from this initiative. In March 2009 IT Examiner published reports of major problems with the flexcube implementation. Now, all the branches of Canara Bank are live on core banking application Flexcube.
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