Infosys unveils specific version of Finacle core banking solution for Regional Rural Banks
Delhi, 11th December, 2008: Infosys Technologies Ltd (Infosys) and Punjab National Bank (PNB) today announced that PNB, one of the 500 largest banks in the world and the second largest public sector bank in India, has chosen Finacle from Infosys to power its core banking initiative for rural banking. Infosys shall deploy Finacle across PNB’s six Regional Rural Banks (RRBs) covering 1300 branches.
Punjab National Bank has taken the lead in business excellence and commitment to customers by providing core banking coverage to its 4850 service outlets. The bank has now decided to extend new age technology benefits to its regional rural banking customers. Due to the remoteness of rural branch locations, there are issues such as connectivity of branches for operational ease, centralization of data, and enhancement of customer service as well as innovation in banking products. Moreover, all this is needed at a substantially lower cost for RRBs as their operations are relatively less complex. Finacle from Infosys recognized this need of RRBs and adapted its industry leading core banking solution to suit the requirements of these institutions. PNB management selected this platform to transform and standardize the operations of its RRBs.
Speaking on the occasion, R.I.S.Sidhu, Chief General Manager, Punjab National Bank said, “The key objective of this transformation initiative is to strengthen our RRBs and make them vibrant channels of financial service delivery for the rural sector. Leveraging Finacle’s state-of-the-art technology we aim to standardize operations and offer customers a range of innovative products and services at reduced cost, enabling greater inclusive growth. We are confident that in Finacle and Infosys, we have found the best combination to power this strategic initiative.”
A majority of Indian banks are already ahead in terms of adoption of new age technology. Extending the benefits of technology to RRBs will help sponsor banks in not just priority sector lending but also present an additional business avenue with tremendous potential. Finacle will enable RRBs to better manage audit processes, adhere to statutory compliance, enhance internal MIS requirements and offer customers competitive services on par with commercial banks. Leveraging Finacle, RRBs will be able to standardize processes and operations, on a single platform, providing the bank with a unified view of its rural banking business.
According to Haragopal M, Head – Finacle, Infosys Technologies Ltd, “In today’s financial environment accessing the bottom of the pyramid has become a key business as well as social imperative for banks. With increased reach, Regional Rural Banks can become principal vehicles for financial inclusion in the country. We are pleased to partner with Punjab National Bank for this strategic initiative and we look forward to working closely with the bank, as they expand their business and leverage technology to stay ahead in the market.”
A leader in banking transformation, Finacle has a global footprint across 61 countries and has been acknowledged by top analysts, including Gartner, Forrester and Celent, among the leaders in the core banking solution space. Finacle is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Banking Technology Award, and The Asian Banker IT Implementation Award.
PNB completed eventful 113 years and crossed several milestones in its quest to support growth of national economy. Bank has the largest network of offices amongst Nationalized Banks. Total business of the Bank as on 30th Sept. 2008 stood at Rs.3,16,000 crore with more than 38 million customers.
During 2007-2008, the bank earned a record profit of Rs.2048.76 crore registering a growth of 33.03% over the last year, the bank’s net worth increased to Rs.12318 crore from Rs.10435 crore during the previous year. The return on equity improved to 19% from 15.19%. Return on assets improved to 1.15% for 2007-08 from 1.03% last year. Bank migrated to Basel II Accord and the CRAR works out to 13.46%.
The impressive performance was brought about by Bank’s focus on customer centric approach with thrust on SME, Agriculture, education loans, and a more inclusive approach to banking
About Finacle Universal Banking Solution
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, and wealth management and CRM requirements of retail, corporate and universal banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. For more information, visit www.edgeverve.com/finacle.
About Infosys Technologies Ltd
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 80,000 employees in over 39 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com.
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For further information, please contact:
Infosys Technologies Ltd, India
Mr. S. S. Chopra
Deputy General manager- PR & Publicity
Punjab National Bank
+91 11 26197033