Punjab National Bank partners with Finacle from Infosys

11 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.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development