West Bengal State Co-operative Bank to set up state-of-the art treasury - opts for Credence iDEAL

West Bengal State Co-operative Bank, the apex co-operative bank of West Bengal has decided to upgrade the functioning of its treasury operations. WBSCB has an investment portfolio of around Rs. 1,100 crores invested in government securities and bonds. The bank’s board decided to set up a state-of-the-art treasury solution and started the process of evaluation in October. After evaluating a host of treasury solutions the bank finally chose iDEAL, the integrated treasury solution from Credence Analytics, Mumbai.

Co-operative banks require to invest a part of their funds in Central Government dated securities for SLR purposes. WBSCB is currently maintaining CSGL account with banks to invest in Central Government Securities. By setting up their own treasury section WBSCB will be able to participate in these markets on their own. Additionally, the West Bengal State Co-operative Bank which is an apex bank of the state can offer and manage CSGL accounts for other cooperative banks in the state.

According to WBSCB the key evaluation criteria for the bank was that the solution should be a robust well-established solution with comprehensive analytics, trading, settlement and accounting support which would help the bank leap-frog into active investment management. Another important factor was that the solution provider should not just be a software company but a firm with strong domain skills which could provide inputs on training and redefining the bank’s investment policy.

Mr. M.R. Rajesh, Marketing Manager, Credence Analytics says, "We are providing a comprehensive solution to WBSCB in terms of training WBSCB officials on treasury and risk management concepts and practices, drafting their investment & risk management policy and providing the bank with a state-of-the-art treasury software solution. Credence iDEAL (ver3.0), the latest version of our unified treasury management solution, shall aid WBSCB in becoming an active treasury with standardised processes in line with the best market practices, strong analytical and risk management functionalities and detailed MIS and regulatory reports. It will also help WBSCB become competitive in the market by offering CSGL services to their co-operative bank clients and offering a better range of value-added services."

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