Laser Soft, a Polaris Group company, has landed a project from Andhra Pradesh State Co-operative Bank Limited (APCOB) to implement core banking solution (CBS) in all its 22 district central co-operative banks (DCCB) across the State.
The proposed implementation will be executed through a unique multi-entity CBS rebranded as Intellect TM core banking solution, with centralised 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, says a release.
APCOB wanted a core banking solution on a multi-entity concept so that it could centralise its systems and at the same time let all the DCCBs work as independent units. Using the multi-entity concept, Intellect TM 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 online integration with PACS will be the first of its kind implementation in India, the release adds.
“Andhra Pradesh has always been at the forefront of technology adoption in India and being the leader of co-operative 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 co-operative banks in the state. We decided to invest in IntellectTM CBS to take our banking experience to the next level,’’ a release quoted M.S. Ramarao, Chief General Manager, Andhra Pradesh State Co-operative Bank Limited, as saying.
“The model adopted by APCOB is being keenly scrutinised by other states and we have already started moving in to the potential states,” says Suresh Kamath, Founder and Managing Director of Laser Soft Infosystems.