Wipro Infotech implements CBS in 5 co-operative banks

by CXOtoday News Desk    Aug 13, 2012

rural banksWipro Infotech announced the implementation of core banking solution (CBS) for five co-operative banks under National Agriculture Bank for Rural Development (NABARD). The company said that application is hosted from Wipro’s Data Center and would be supported for the five years.

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. The first phase of the project is expected to cover State Co-operative Banks (SCB) and District Co-operative Banks (DCB) of 10 states. Wipro will computerise 76 banks with approximately 2790 branches, said the company.

As co-operatives have a presence in remote places unlike other types of banks, the implementation of CBS in co-operatives will tremendously help these banks expand their local reach and boost their business volume while at the same time lowering cost of operations, according to a senior official of NABARD.

By automating business processes and providing a single accounting platform, the cooperative banks can now offer the latest e-banking facilities like ATM, mobile banking, e payments and utility bill payment to their customers in the remotest areas, he 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,” said Anand Sankaran, Senior Vice President & Business Head, Wipro Infotech & Global Business Head – Infrastructure Services, Wipro.

Sankaran added as 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.