Published Date: July 21, 2004
Bangalore, July 21 Close on the heels of IDBI receiving its license for commercial banking services, Infosys Technologies (NASDAQ: INFY) today announced that it has signed up with IDBI (Industrial Development Bank of India) to deploy Finacle® as the bank’s core banking platform. Finacle will be deployed across 101 locations by March 2005 and will power IDBI’s transformation from a development finance institution into a commercial banking entity.
IDBI was established in 1964 as a wholly owned subsidiary of the Reserve Bank of India. In view of the manifold increase in its activities and diverse responsibilities, the ownership of IDBI was transferred to Government of India in 1976 and it was made the principal financial institution for co-ordinating the activities of institutions engaged in financing, promotion or development of industry in the country as also for providing credit and other facilities for the development of industry. Later, in 1995, IDBI made its first public offering of equity shares, after the IDBI Act was amended in 1994 to permit public ownership up to 49% of its issued capital. Government of India’s shareholding in IDBI today stands at around 58%.
Announcing this, Merwin Fernandes, Vice President and Global Head-Sales and Marketing, Banking Business Unit, Infosys Technologies Ltd said, “IDBI is one of the highly reputed financial institutions in this country and we are delighted to welcome them to the large and growing Finacle family in India and globally. We are confident that Finacle will provide IDBI a world-class new generation technology solution that is highly scalable, proven, flexible and low risk; a solution that will enable IDBI to gain business agility and create competitive differentiation as they enter this new and exciting chapter in their growth and business transformation.”
NOTE: IDBI is different from IDBI Bank, which is also a customer of Finacle. For more information, please visit www.idbi.com.
Finacle is the universal banking solution from Infosys designed to address the retail, corporate, community and private banking requirements of banks across the globe. Finacle has been designed and architected out of years of experience with some of the best and biggest banks across the world. This universal banking solution offers several powerful and differentiating features making it one of the most comprehensive, flexible and successful solutions in its class. (www.finacle.com)
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys’ Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has over 25,000 employees in over 30 offices worldwide. For more information, visit www.infosys.comwww.infosys.com
The Industrial Development Bank of India (IDBI) was established on July 1, 1964 as a wholly-owned subsidiary of the Reserve Bank of India (RBI – the Central Bank of the country) under an Act of Parliament. IDBI is a fundamentally strong, consistently profit-earning and dividend-paying organisation. The Bank continues to maintain a sound capital base as represented by the Capital Adequacy Ratio (CAR), based on the calculation of risk-weighted assets, as per RBI norms.