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Bangalore, India, November 19, 2001 – Infosys, today announced that Cosmos Cooperative Bank, the oldest and the second largest Multi-state Scheduled Co-operative Bank in the country based out of Pune Maharashtra, has signed up to deploy Finacle, Infosys new generation Core Banking solution. The bank will deploy Finacle in a centralised model across all its branches. Cosmos chose Finacle after a detailed evaluation that included other global and local vendor solutions.

Says Mr. Shashikant Bugde, Managing Director of Cosmos Cooperative Bank, "We believe that in the current highly competitive Indian banking scenario, a strong technology infrastructure, based on a centralised core banking platform, is the need of the hour. Once we started our search for a centralised core banking solution in earnest, it did not take us long to decide on the right product. Finacle which today has emerged as the defacto core banking standard in India was the obvious choice on both technology and functionality fronts. Partnership with Infosys, India’s most respected company, and proven track record of smooth and rapid implementations of Finacle provided the additional comfort. We now look forward to quickly deploying Finacle, which will be a precursor to several new business and technology initiatives that we are planning to launch. We are confident that Finacle once deployed, will provide us a powerful and flexible new generation technology platform at par with the best banks in India to take on the emerging competitive challenges, significantly improve our internal efficiency and productivity and offer our customers better service and new enriched experience."

"We are extremely glad to partner with Cosmos Bank in their technology initiatives. Cosmos becomes the 12th bank in India to have opted for Finacle as its centralised core banking platform. Ever since its the launch in the year 2000 Finacle has enjoyed a dream run in the Indian centralised core banking market space with over 80% market share and an impeccable implementation track record. 9 out of the 12 banks that have signed up for Finacle since 2000 are already LIVE with the product. Finacle today offers the best of both the worlds to the Indian banks – a new generation global solution that fully meets the complex and unique Indian banking requirements. This coupled with Infosys commitment and our proven ability to implement rapidly provides banks in India a unique value proposition." said Mr. Girish Vaidya Sr.V.P. and Head, Banking Business Unit, Infosys Technologies Ltd.

Finacle, Infosys’ new generation core banking solution, a part of the Infosys Enterprise Banking e-Platform, is a centralized and integrated corporate, retail and trade finance solution that is designed to extend the bank's reach to the entire enterprise in a seamless manner – from the front office to the back office. Finacle is a web enabled, multi-currency, multi-lingual solution which provides powerful, unique capabilities such as 24x7x365 banking, Straight Through Processing, workflow, and an e-Xtensibility tool kit that enables high levels of flexibility, extensibility and inter-operability. The Enterprise Banking e-platform provides our clients strategic value by enabling them to gain and retain business agility and time-to-market advantage required to quickly seize new business opportunities and to move ahead of competition.