Centralized Core Banking Solution to be rolled out for the seven sponsored Regional Rural Banks of Central Bank of India
Bangalore, India - September 1, 2010:
Central Bank of India, one of the largest Public Sector Banks in India and IT major, Wipro, today announced a 5 year total outsourcing agreement to provide state-of-the-art, technology-driven, core banking solution for seven sponsored Regional Rural banks. One of them Uttar Bihar Gramin Bank is the biggest RRB in India and has a large presence in Bihar.
The engagement is of vital importance to Central Bank of India in order to achieve its objective of financial inclusion and bringing low cost and efficient banking services to the rural masses. The Centralized 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 offer innovative products and services at optimum costs.
The Core Banking project would integrate 2000 sites which include branches, extension counters, Satellite offices, Regional Offices, Head Offices and back offices in a phased manner. The solution would also offer alternate Delivery Channels like Internet Banking and Mobile (including SMS Alerts) Banking.
Wipro, with its strong practices in governance, process excellence and integrated service delivery, will deliver business-IT alignment by deploying and implementing the critical Core Banking Solution and the identified delivery channels seamlessly. Wipro will also setup a 24-hour centralized Helpdesk facility for the project covering applications, Data Center, networks, security and end user systems.
Speaking about the engagement, S Sridhar, Chairman & Managing Director 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.”
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. Wipro’s proven expertise in large Core Banking Projects coupled with a vibrant innovation culture will be the core driver of this significant project. We are pleased to partner with Wipro / Infosys in this strategic endeavor.”
The software has been provided by Infosys Ltd using “Finacle” along with other standard products such as ALM, Govt. Business, Internet, ATM, EMS, AML etc. With this, RRBs of Central Bank of India will be in compliance with statutory & Regulatory requirements including MIS.
Anand Sankaran, Senior Vice President and Business Head, India, Middle East and Africa, Wipro, said: “We are delighted to be part of this prestigious project geared at the upliftment of rural India. We plan to deliver extremely robust, scalable and flexible Centralised Core banking Solution aligned with the corporate mission, strategy and business plan of the Regional Rural Banks. This deployment will go a long way in helping Central Bank of India achieve its vision of encouraging more people in the low income groups, adopt banking solutions in day-to-day life.”
The contract is the outcome of a competitive bidding process which attracted several global and Indian IT majors. In a keenly contested deal, Wipro emerged as the preferred partner for the outsourcing deal spanning 5 years.
Earlier, last week, Wipro signed a 7 year Total Outsourcing contract with 5 RRBs sponsored by UCO Bank, a leading Public Sector Bank, for implementing a Core Banking Solution (CBS) across 803 branches of the sponsored RRBs. The contract with Central Bank is the second in the series of wins for Wipro, related to driving financial inclusion through Regional Rural Banks.
About Central Bank of India and Regional Rural Banks:
Central Bank of India is one of the largest public sector banks in India, with a branch network of over 3600 branches in India. The Bank has set up 16 Zonal Offices to exercise immediate supervision and control over the 78 Regional Offices, which in turn supervise the branches under their jurisdiction. The Bank has a network of approx. 3700 branches and 219 extension counters, spread across the length and breadth of the country with presence in all the States and Union Territories. The Bank's principal activities are to provide Commercial Banking Services which include Direct Finance, Forex and other related financial services. In addition to the Regular Banking Facilities provided by Central Bank of India, customers can also avail a variety of other services like Cash Management Service, Insurance, Mutual Funds and Demat.
Based upon the direction of the report of the Working Group on Technology Upgradation of Regional Rural Banks, the Regional Rural Banks (RRBs) of Central Bank of India, recognize that Core Banking is vital not only for leveraging internal operations but also for retaining and expanding their position amongst the higher echelons of the Banking system, by enhancing its ability to deliver on its core competencies and ensuring their competitiveness by providing innovative products and services at extremely competitive costs. Its seven sponsored Regional Rural Banks are:
1) Uttar Bihar Gramin Bank with 865 branches.
2) Satpura Narmada Kshetriya Gramin Bank with 347 branches.
3) Uttarbanga Kshetriya Gramin Bank with 119 branches.
4) Vidarbha Kshetriya Gramin Bank with 96 branches.
5) Ballia-Etawah Gramin Bank with 138 branches.
6) Surguja Kshetriya Gramin Bank with 85 branches.
7) Hadoti Kshetriya Gramin Bank with 84 branches.
Having total number of 1734 RRB branches, all its RRBs are profitable. Migration of the branch of all RRB shall be completed by September 2011 as committed to Regulatory Authority.
About Wipro Infotech
Wipro Infotech, a division of the US $6 billion Wipro Limited, provides enterprise customers with high value Information Technology Products, Software Services, Solutions and Consulting Services in India and the Middle East. Headquartered at Bangalore, Wipro Infotech serves customers in India through a network of 22 offices and 170 service locations across the country. It also has regional offices across the Middle East serving the region.
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Wipro Limited provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro also has profitable presence in niche market segments of consumer products and lighting. Wipro's ADSs are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com, www.wiprocorporate.com, and www.wipro.in.
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