State-run lender Indian Overseas Bank (IOB) is seeking request for proposal for providing consultancy services for setting up an information technology joint venture with an Indian IT company. The bank plans to sell its core banking solution and other software through such a joint venture.

Unlike other banks, IOB has rolled out its in-house developed core banking software solution in all its 2026 branches. This has resulted in Rs 400 crore savings for the Chennai-based bank.

The bank has now invited request for proposal (RFP) from reputed consultancy firms having a proven track record, for providing technical and financial consultancy (end to end) to the bank for formation of the proposed IT joint venture company.

“To capitalise on the domain knowledge and software development skills of its IT team, the bank wants to form a joint venture company (JV) with an information technology company, registered in India. The bank plans to sell its CBS and other software through such a joint venture and has a well-defined product roadmap for the same. The bank has called for an expression of interest and short listed prospective IT companies for forming a JV,” IOB said in its tender notice.

The RFP opened on March 2 and closes on March 23. The consultant would help the bank identify a suitable partner from those short-listed for the joint venture, besides helping in determining the equity-sharing ratio based on the assessed value of the banking software as well as in determining profit-sharing ratio based on the cash flow generation, among others.