New Delhi, Jul 20 (PTI) To check frauds and deal with the problem of bad loans, state-owned Bank of India proposes to launch IT-enabled solutions to track 'early warning signals' and 'enterprise wide fraud risk management', the Bank's CEO and Managing Director A K Das said.

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The focus of the bank during the course of the current financial year would be on technology upgradation and digitization, he said in a letter to shareholders.

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Among other things, Bank of India also proposes to launch project 'Star Mahashakti', thus upgrading the technology platform from Finacle 7 to Finacle 10.

“...Bank is on a continuous drive towards pursuing Technology Upgradation and Digitization measures. The Project "Star Mahashakti", i.e. upgradation of technology platform from Finacle 7 to Finacle 10, which is already in process, will be rolled out during FY 2020- 21.

“Among others, two significant IT enabled solutions i.e. tracking of 'Early Warning Signals' and 'Enterprise wide Fraud Risk Management' which are also in the process of implementation will be activated soon,” Das said.

In his message, BoI Chairman G Padmanabhan said the future banking model, will essentially be woven around digital innovations.

"'Fin Techs' and 'Big Techs' have now made significant inroad into the financial eco system. Therefore, apart from upgrading technology platform, the banks need to have a collaboration with 'Fin Techs' for expanding their reach and improving delivery mechanism," he said.

In the annual report, the bank said that during 2019-20, both deposits and advances of the bank grew at a higher pace than that of the Banking System. Its deposits increased by 11.2 per cent against banking system's growth rate of 7.9 per cent.

The bank's advances grew by 7 per cent, against banking system's growth rate of 6.1 per cent. The Bank's operating profit for full year increased by 42.34 per cent from Rs 8,092 crore during 2018-19 to Rs 11,519 crore during 2019-20.

The net loss during the year was contained at Rs 2,957 crore vis a vis net loss of Rs 5,547 crore during the previous year, said the annual report for 2019-20.

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