Computer giant Hewlett Packard has completed the ambitious outsourcing deal, which is based on Infosys Finacle software.
Under the terms of the ten-year contract, HP will implement and manage the CBS, with more than 50 per cent of the bank's business conducted through the new system.
The project has been finished in just 15 months, making it the speediest CBS implementation ever in India, HP reports. It aims to boost productivity and standardisation across Bank of India, giving it an advantage over its competitors.
The CBS and Bank of India's Multi Branch Banking (MBB) links up 1,200 branches across India and will eventually cover more than 40 million customer accounts, according to a statement from HP.
The Bank of India and HP contract was awarded a prize for 'Best First Steps' at the 2005 Outsourcing Center's Outsourcing Excellence Awards last May.
Commenting on the award last year, Bank of India general manager of information technology, D Krishnamurthy, said: "Since our relationship with HP began more than a year ago, we've become more agile, able to focus more of our resources on our core competencies and as a result are providing a better banking experience for our customers."