Public sector bank Canara Bank will be signing a ₹3,000-crore IT transformation deal to revamp and enhance its tech infrastructure, according to sources familiar with the development.

In a highly competitive bidding race, global tech giants IBM and its managed infrastructure services spin-off Kyndryl are the frontrunners, positioning themselves to secure the partnership, per sources.

The partnership will aim to modernise and enhance Canara Bank’s technological capabilities, enabling it to provide efficient banking solutions to its customers. businessline could not determine the timeline of the deal. Detailed queries sent to Canara Bank did not elicit a response.

Recently, in an interview to businessline, K Satyanarayana Raju, MD and CEO of Canara Bank, had said that the bank is highly focussed on its digital journey and sees high value from the same.

He noted that over the last three years, Canara Bank has invested significantly on new technology initiatives. For the current year alone, the spending has been ₹1,200 crore. The bank aims to digitalise 90 per cent of its RAM (Retail, Agriculture, and MSME) transactions end-to-end by March 2024.

The public sector bank has been one of the early adopters of tech capabilities.