Bangalore, India - August 26, 2010:
Wipro Infotech, the India, Middle East and Africa, IT Business of Wipro Ltd and a leading provider of IT and business transformation services, today announced that it has signed a 7 year Total Outsourcing contract with 5 RRBs sponsored by UCO Bank, a leading Public Sector Bank. The contract is for implementing a Core Banking Solution (CBS) across 803 branches of Regional Rural Banks (RRBs) under UCO Bank’s sponsorship.
The RRBs under the sponsorship program are Jaipur Thar Gramin Bank (JTGB), Kalinga Gramya Bank (KGB), Bihar Kshetriya Gramin Bank (BKGB), Paschim Banga Gramin Bank (PBGB) and Mahakausal Kshetriya Gramin Bank (MKGB). These RRB’s have operations primarily in the states of Rajasthan, Orissa, Bihar, West Bengal and MP. With this initiative, all five RRBs would come under the ambit of core banking, thereby ensuring uniformity in technology platform and related business processes for improved business efficiency and customer care.
Speaking about the engagement, Ajai Kumar, Executive Director, UCO Bank said: “Today RRBs are being viewed as one of the primary vehicles to drive financial inclusion. This implementation by Wipro would be a big step in technologically enabling our sponsored RRB branches to deliver rural banking services to the masses.”
The scope of services includes building, hosting and managing the underlying infrastructure at the Data Centers, in addition to implementing the Finacle CBS across 5 RRBs. Wipro would also provide network management and user training across all 803 branch locations as a part of the Total Outsourcing relationship. The CBS would be executed on an Application Service Provider (ASP) model where Wipro would get paid on a monthly pay-per-use basis. Roll out of all branches is expected to be completed by September 2011.
Anand Sankaran, Senior Vice President and Business Head, Wipro, India, Middle East and Africa said, “We are excited to be partnering with 5 of the RRBs sponsored by UCO Bank for this long-term and strategic engagement. We are confident that coupled with our vast domain expertise and knowledge of global best practices, we will be able to help RRBs achieve their business objective of taking low-cost banking to the rural masses.”
The contract is the outcome of a competitive bidding process. In a keenly contested deal, Wipro emerged as the preferred partner for the total outsourcing deal spanning 7 years.
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.
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 websites at www.wipro.com, www.wiprocorporate.com , and www.wipro.in.
Wipro's forward looking and cautionary statements
Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions 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 our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect 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, liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our 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. Wipro 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. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
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