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BFSI spent the most on IT in 2007-08

BFSI spent the most on IT in 2007-08
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First Published: Sun, Jun 01 2008. 01 17 PM IST
Updated: Sun, Jun 01 2008. 01 17 PM IST
PTI
New Delhi: When it comes to upgrading IT infrastructure, the banking and financial services industry tops the list with an outlay of Rs87.50 crore per company in 2007-08.
“The BFSI companies remained top IT spenders with average IT spend per company touching Rs87.5 crore in 2007-08,” a study said.
They invested 1.5% of their revenue, compared to overall industry average of 0.63%, the report suggested, which is jointly prepared by Dataquest and research firm IDC.
A dozen of the banks including Bank of Baroda, Bank of India, Canara Bank, Corporation Bank, ICICI Bank, Indian Overseas Bank, PNB, SBI, Syndicate Bank were among the top 50 IT spenders in the country in 2007-08, the study stated.
In the insurance segment, large investments were made by LIC, NSDL, National Insurance, New India Insurance and Oriental Insurance. Besides, BFSI, the telecom sector remained on top in terms of absolute spending on IT.
The telecom companies spent Rs191.6 crore per company in 2007-08. However, only about six telecom firms featured in the list. The top spenders on IT from the telecom sector were Bharti, BSNL, Hutch, MTNL, Reliance Telecom and VSNL.
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First Published: Sun, Jun 01 2008. 01 17 PM IST