CENTRAL BANK, WIPRO IN BANKING SOLUTION PACT

Central Bank of India and Wipro have announced a five-year total outsourcing agreement to provide technology-driven, core banking solution for seven sponsored regional rural banks (RRB).

One of them is Uttar Bihar Gramin Bank – the biggest RRB in India with a large presence in Bihar. The deal size is estimated to be about Rs 200 crore.

This engagement comes at time when Central Bank of India is looking to achieve its objective of financial inclusion and bring low-cost and efficient banking services to the rural masses.

The “Centralised Core Banking Project” is expected to facilitate efficient internal operations for the seven regional rural banks. It is also expected to provide the competitive edge by enabling regional rural banks to offer innovative products and services at optimum costs.

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The Core Banking project would integrate 2,000 sites, which include branches, extension counters, satellite offices, regional offices, head offices and back-offices in a phased manner.

Mr S. Sridhar, Chairman and Managing Director, Central Bank of India, said, “The rural customer of the RRB will receive superior customer experience from the RRB, and fast efficient systems will enable alignment with the shared business vision of Central Bank of India and the regional rural banks sponsored by the bank.”

Mr Ramnath Pradeep, Executive Director, Central Bank of India, said, “Our vision is geared towards providing a future-proof strategy to transform the RRBs into institutions with sound financials committed to overall economic development of rural areas in terms of care, competence and compassion towards its customers.”

The software has been provided by Infosys Ltd using Finacle along with other standard products.

Mr Anand Sankaran, Senior Vice-President and Business Head, India, Middle East and Africa, Wipro, said: “We plan to deliver extremely robust, scalable and flexible Centralized Core banking Solution aligned with the corporate mission, strategy and business plan of the Regional Rural Banks.”

Source: http://www.thehindubusinessline.com/2010/09/02/stories/2010090252410700.htm