Polaris Software Lab Limited (POLS.BO), a leading Financial Technology Company today announced that Laser Soft (a Polaris Group Company) has bagged a project from Andhra Pradesh State Cooperative Bank Limited (APCOB) to implement Core Banking Solution (CBS) in all its 22 District Central Cooperative Banks (DCCB) spread across the state. The proposed implementation will be executed through a unique multi entity CBS rebranded as IntellectTM Core Banking Solution, with centralized deployment at Hyderabad being used by 569 branches and 22 head offices of the DCCBs. This cost effective model will facilitate easy transaction between customers of each of these banks across the other DCCBs, as if it were one bank without any re-conciliation issues. The new Core Banking Solution will go live across all DCCBs under APCOB within this financial year.
APCOB wanted a Core Banking Solution on a multi entity concept so that it could centralize its systems and at the same time let all the DCCBs work as independent units. In all, Laser Soft was the only competing vendor which had this model readily available for implementation. Using the multi entity concept, IntellectTM CBS will deploy the application software at just one location with different entities/banks accessing it independently. Intellect CBS deployment will provide the unique and comprehensive on-lending software integrating the DCCBs operations with thousands of Primary Agricultural Credit Co-Operative Societies (PACS) in Andhra Pradesh. It will enable individual DCCBs to generate independent reports and at the same time give APCOB the ease of generating a consolidated report whenever required. Product level parameters can also be set at the DCCB level and schemes can be entity specific under this model. This multi-entity deployment with facilities for on-line integration with PACS will be the first of its kind implementation in India.
Cooperative banking segment in India has a lot of potential since every state in the country has a similar set up with one Apex bank and one DCCB in each district. Some of them have even gone for individual CBS implementations in isolation; however that becomes a very expensive proposition. Multi entity model with shared infrastructure costs on the other hand reduces the total cost of ownership significantly, to as low as 10% of the total cost if implemented individually.
Commenting on the deal Mr. M S Ramarao, Chief General Manager, Andhra Pradesh State Cooperative Bank Limited said, âAndhra Pradesh has always been at the forefront of technology adoption in India and being the leader of cooperative credit institutions of A.P, we wanted to deploy the most efficient yet economic multi entity core banking solution covering all the 22 District Central Cooperative Banks in the state. We decided to invest in IntellectTM CBS to take our banking experience to the next level and that too at just ~ Rs. 11,000 per month / branch OR at less than Rs. 2 per account / branch / month for a period of five years. On the technology side, we finalized on Polaris after a rigorous evaluation process by Andhra Pradesh Technology Services Limited (APTSL).â
Speaking on the occasion Mr. Arun Jain, Founder, Chairman & CEO, Polaris Software Lab Ltd. said, âWe are happy to participate in the transformation journey pioneered by APCOB. A combination of comprehensive and flexible business functionality with an advanced and scalable architecture, IntellectTM CBS is the only pure Java technology based CBS being offered from the Indian subcontinent. With its multi entity model, it will lead to enhanced efficiency and enormous cost savings.â
âThe model adopted by APCOB is being keenly scrutinized by other states and we have already started moving in the potential statesâ said Mr. Suresh Kamath, Founder & Managing Director, Laser Soft Infosystems.