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Saraswat Bank bagged Technology Awards for two consecutive years in 2004 and 2005 from the Indian Banking Association. The 2004 award was a special one for creating a distributed database to connect all branches of the bank. The 2005 award that followed was a recognition for being the first cooperative bank to deploy core banking. As head of IT of the bank, Urvashi Dharadhar has changed the paradigm of banking in the cooperative banking space. Today, Saraswat Bank is the first and only cooperative bank to have deployed core banking and provide ATM facilities to its customers. Says Dharadhar, “Today we are competing with MNC and private banks and we would like to use technology as an enabler to match the standard of service.”

A qualified chartered secretary, Dharadhar has spent 26 years with Saraswat Bank where she started her career as an officer. Varied responsibilities and roles across various departments over the years have stood in good stead for her. Says Dharadhar, “Different job roles over the years have not just helped me understand the nuances of banking but also the culture of the enterprise.” Domain knowledge is key to any industry and exposure to different aspects of banking gave Dharadhar a holistic perspective to recognize the business needs of Sarasawat Bank and how technology can play a key role in providing a strategic edge.

Change management is a key component of any system and a big challenge too, especially in a public sector setup. One, there is resistance to change and two, there are lots of bureaucratic hurdles. Given the circumstances, Saraswat Bank's project on 'Any Branch Banking' which was about connecting all branches was completed within a record span of one month. Today, Saraswat Bank is the only cooperative bank to offer Internet banking. Under the directives of the RBI, an IT coordination group comprising heads of all departments, meets to discuss the business requirements of the bank and how IT can play a role to take on competition in the market.

Today, core banking has not just helped the bank to meet its revenue target of Rs 10,000 crore for the fiscal ending March 31, 2006, but has helped it surpass the target. Saraswat Bank's customer base has increased significantly and stands at over 10,000. Says Dharadhar, “We have managed to attract customers from both foreign and private banks.”

There is one challenge that still remains-the need to create a comfort level towards technology for the employees, especially the ones who form the interface with the customer. There are extensive and detailed training programs conducted for this purpose which Dharadhar personally leads at times.

Today, Saraswat Infotech, a subsidiary of the bank, has been spun off as an independent entity to primarily support the IT needs of the bank as well as translate IT into a profit center. Apart from banking, Dharadhar is passionate about social work. She heads the Ladies Entrepreneurship cell of the Maharashtra Chamber of Commerce. That is what she would like to devote herself to when she ceases to be banker. Way to go!

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