TJSB Extends CBS to Pune based bank
Thane Janata Sahakari Bank Ltd.’s (TJSB) acqusition of The Shree Sadguru Jangli Maharaj Sahakari Bank Ltd, (SSJMSB) Pune would immediately introduce the latter to a core banking solution.
TJSB, had implemented Infrasoft OmniEnterprise Core Banking Solution (CBS) a year ago, and is operational 24/7 through its multiple delivery channels such as ATM, Internet, Mobile, Cheque Depository Machines and Cheque Book dispensing machines.
This CBS will be extended to all the branches of the SSJMSB that does not have a CBS at present. The implementation would be completed in five to six months, informed R.G. Karve, TJSB CEO.
“Though there would be no additional expenditure on CBS, the bank would have to shell out Rs one crore for additional hardware and software,” he said.
“MTNL lines connecting the branch network of our bank will be augmented to cover all the branches of SSJMSB,” added Subodh Nagwekar, CIO & Deputy GM at TJSB.
Infrasoft will take care of data migration, he stated.
At present, the TJSB has a network of 20 branches and four extension counters across Thane, Mumbai, Navi Mumbai, Pune & Nasik. Post merger, TJSB will be able to expand its branch network by 14 to making it a total of 34 branches and four extension counters.
Karve said, “The Reserve Bank of India has already issued its NOC for the merger. The technical permission in the form of a NOC from the Commisioner of Co-operation in Pune, is awaited.”
The deal would cost TJSB Rs 25 crores, payable over five years. This year, the bank has reported profit after tax at Rs 30 crores.
TJSB is also in the final stages of forming an alliance with the National Financial Switch, based at Hyderabad, for the usage 6500 ATMs spread across the country. This should be live in a month, elaborated Nagwekar.
- Airtel Seeks New Biz Opportunities To Counter RJio
- Yes Bank Uses Gamification For Recruiting
- Are Robots A Growing Threat To BFSI Employees?
- Why Biometric Smartphones Are The Way Forward
- BHIM, Other Govt-Backed Apps To Boost Digital Payments
- Weekly Rewind: Top 10 Stories On CXO Today [Dec 19-24]
- The Changing Face Of Retail Banking By 2020
- 7 Predictions for the Connected Enterprise in 2017
- India Will Face A 65% Hike In Mobile Frauds: Study
- Airtel To Educate Customers On Digital Payments