CHENNAI: Public sector Indian Bank is engaged in floating a wholly-owned subsidiary with a capital infusion of Rs 10 crore and it is expected to commence operations in the next financial year, a top official said here on Thursday.

The subsidiary would focus on back-office processing, collection, sales and marketing, Indian Bank MD-CEO Shanti Lal Jain said.

“Around a week back, we got the financial approval. It will be a wholly-owned subsidiary. We will be putting Rs 10 crore as capital and we are in the process of recruiting people at the top level like CEO, CTO...,” he told reporters. The plan to launch a subsidiary is to focus on sales and marketing, collection and recovery process. “There are many works that we are doing. Call centre work, already we are in the process of recruiting people. Maybe in the next financial year, it will be in operation. This subsidiary won’t be as big as Indian Bank, they will do our work, feet on the street for collection, recovery like that,” Jain in response to a query.

“We are moving towards the target (of Rs 75,000 crore) digital transactions in the current financial year...,” he said, adding Rs 200 crore has been earmarked towards upgrading cyber security over the next three years.