J&K Bank and Tata Consultancy Services (TCS) have signed a Memorandum of Understanding (MoU) to signal their intent to work together to create an IT blue-print for the bank. The two companies will also work together to create a blueprint for an enabling technology framework for the state of J&K in order to speed up economic development and help develop industry and commerce in the state.

Speaking on the occasion, Dr Haseeb A Drabu, chairman and CEO of J&K Bank said, "J&K Bank has always worked hard to help the state realise its economic potential and we believe that visits from large, successful business groups like the Tata group, led by TCS, will only accelerate this process."

S Ramadorai, CEO and MD of TCS, said, "It has been a great experience for all of us to understand the business realities on the ground in J&K and learn about the economic and business potential of the state. We look forward to working with J&K Bank to put in place a technology blue-print, which we believe can propel the economic development in this area".

The MoU was signed in the presence of Jairam Ramesh, union minister of Power, Dr Drabu and Ramadorai by A K Mehta, executive director and chief operating officer of J&K Bank and Ajoyendra Mukherjee, global head – HR on behalf of TCS.

As per the agreement, J&K Bank plans to leverage the knowledge and global expertise of TCS by entering into the project definitive agreements from time to time, as agreed by both parties.

The objectives of this relationship include collaboration on various aspects of technology including enterprise data warehouse and document management systems, infrastructure consolidation, Management Information Systems, enterprise-wide network planning, information security planning and IT asset management.

In addition, both parties will work on financial planning and advisory services as well as products for financial inclusion and payment systems.