Industry Updates

Kyndryl to Modernize and Manage Canara Bank’s IT Operations

Published: January 18, 2024

Kyndryl, the world’s largest IT infrastructure services provider, announced today that it has engaged with Canara Bank, one of the largest public sector banks in India, to optimize the bank’s business services and operations and modernize its IT infrastructure. As Canara Bank’s trusted IT partner, Kyndryl will augment the bank’s end-to-end IT operations and streamline services delivery across core banking, IT infrastructure, applications, and network operations.

(L-R): Jatin Meswani, VP, Strategic Accounts Financial Services, Ravikanth SV, Client Partner and Lingraju Sawkar, President from Kyndryl India with Satyanarayana Raju MD & CEO, Canara Bank and others

Kyndryl’s solution will provide Canara Bank with an end-to-end view of its business services, risk mitigation using advanced capabilities and tools, and focus on services availability while enhancing observability and reliability. This will help Canara Bank to enhance its customer service experiences.

Kyndryl will also deploy a unified digital IT services dashboard to provide employees a single pane of glass view of Canara Bank’s key performance indicators, tools dashboard, and knowledge repositories.

Kyndryl will implement a set of advanced tools to create sophisticated preventive and predictive intelligence capabilities. This will help reduce incidents through auto-remediation, shorten maintenance timeframes, and improve application availability. The platform will be optimized to recognize and remediate IT failures and anomalies within the bank’s infrastructure and provide data-driven insights such as outage predictions that will boost the bank’s control over its mission-critical operations.

Lingraju Sawkar, President, Kyndryl India said, “We’re honored to be a trusted partner to Canara Bank. Our approach is focused on ensuring Canara Bank’s business continuity, mitigating risk, and enhancing the Bank’s key business performance indicators. Kyndryl brings decades of expertise and experience managing mission-critical IT systems for global banking and financial services customers. Our relentless focus on delivery and innovation, our strategic approach to transformation, and the value we place in people make Kyndryl an excellent fit for Canara Bank as it progresses, along with India, on the digital transformation journey.”

Sri K Satyanarayana Raju, MD & CEO, Canara Bank, said, “Our goal is to improve operational excellence, profitability, and scale to become the ‘Best Bank to Bank with’ in India. We are investing in enhancing our technology core, service and process frameworks, and delivery capabilities to provide state-of-the-art banking services to our customers. Kyndryl’s skills and expertise in building, operating, and managing critical technology for Indian banks will help us in building the future we’ve envisioned.”

About Canara Bank Limited

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks.

Over the years, the Bank has been scaling up its market position to emerge as a major Financial Conglomerate with as many as thirteen subsidiaries/sponsored institutions in India and abroad. As of September 2023, Canara Bank services over 11.19 crore customers through a network of 9,518 branches and 12,118 ATMs/Recycler spread across all Indian states and Union Territories.

About Kyndryl

Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider serving thousands of enterprise customers in more than 60 countries. The company designs, builds, manages, and modernizes the complex, mission-critical information systems that the world depends on every day.

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