Core Banking Solution to Computerize Banks and Help Them Provide the Latest e-banking Facilities to Rural Customers in Remote Areas of the Country
Bangalore, India - July 30, 2012:
Wipro Infotech, the India and Middle East, IT Business unit of Wipro Ltd. and a leading provider of IT and business transformation services, today announced the successful implementation of core banking solution (CBS) for 5 co-operative banks under National Agriculture Bank for Rural Development (NABARD). The application is hosted from Wipro’s Data Center and would be supported for 5 years from the date of Go Live.
As a part of the contract, Wipro is currently implementing the project for co-operative banks across the states of Bihar, Uttar Pradesh, Maharashtra, Punjab, and Haryana. Phase one of the project will cover State Co-operative Banks (SCB) and District Co-operative Banks (DCB) of 10 states. Wipro will computerize 76 banks with approximately 2790 branches.
Bringing CBS in co-operatives will be very beneficial to people in rural areas because co-operatives have a presence in remote places where other banks are often absent. The farmer will be able to receive e-payments towards subsidy, etc. under various Government schemes in his account directly. Remittance of funds from the cities to the villages and vice versa will be done easily in a bank branch in the village. This is expected to result in far reaching benefits for the agriculture sector and rural development. The banks will now be able to provide latest e-banking facilities like ATM facility, utility bill payment, mobile banking, e payments etc. to the customer in the remotest of places.
This implementation will help banks expand their local reach and improve their volume of business while reducing cost of operations by automating business processes and providing a single accounting platform. The comprehensive teller functions provided by CBS will enable quick customer service. The banks will further benefit from this implementation as the solution will provide comprehensive Investment (access to financial markets) and Borrowing (from Govt. RBI, NABARD, SCB, etc.) functions, enabling monitoring and accounting for Investments and Borrowings.
Mr. Anand Sankaran, Senior Vice President & Business Head, Wipro Infotech, & Global Business Head – Infrastructure Services, Wipro said: “We are pleased to have successfully crossed the first milestone of this institutional development initiative undertaken by NABARD to strengthen the rural credit delivery system. Considering that the recent regulatory reforms by RBI are expected to make the Indian banking scenario more competitive, this initiative will equip co-operative banks with cost effective technology and robust infrastructure to support their growth and help them keep pace. More importantly it will change the face of rural banking by making e-banking facilities available to the rural customer.
About Wipro Infotech
Wipro Infotech, a division of the US $7 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.
About Wipro Ltd.
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 website at www.wipro.com
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.