Bangalore, May 10, 2001: Punjab National Bank, India's largest public sector bank recently announced its partnership with Infosys Technologies Limited, the leading software and solutions provider for deploying Infosys Enterprise Banking E-platform - Finacle, BankAway and Bancsconnect as part of an ambitious plan to deploy a new generation IT backbone.
With branches throughout the country and ranked amongst the biggest banks in the world, Punjab National Bank is the first public sector bank in the country to finalise and announce its long term IT plan. The Bank will work with Infosys as its strategic IT partner and deploy its solutions to cover 500 branches in Phase I of this IT plan within the next three years. The Phase II of this plan will see another 1000 branches being brought under the ambit of this IT backbone. The Bank will deploy Finacle, the web enabled new generation core banking solution for their retail and trade finance requirements. BankAway will enable the bank's customers to transact business through the Internet, in addition to enjoying other value- added services built into the solution.
Mr. S.S. Kohli, Chairman and Managing Director, Punjab National Bank in his address to the press stated, "Punjab National Bank has decided to strongly focus on technology to rapidly respond to new business challenges. The complete functionality provided by Infosys' web based solutions is our choice of vehicle for staying ahead of competition".
"Our commitment to banks does not just stop at providing leading edge solutions. We value being a committed partner, providing complete support to our partners in all their business initiatives. We are especially happy entering into this partnership with Punjab National Bank being as it is the first public sector bank to launch a technology initiative for implementing centralized solutions on such a large scale", said Mr. N.R. Narayana Murthy, Chairman and CEO, Infosys Technologies Ltd.