Wipro Infotech has announced the successful implementation of Core Banking Solution (CBS) for five 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 five 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 2,790 branches.
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 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.
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.”