Infosys’ Finacle bags 20 deals from RRBs

Twenty regional rural banks have placed orders with Infosys for its banking solution product, Finacle, which allows anywhere, any branch banking.

A view of Mysore Infosys Campus.Photo: G. R. N. Somashekar.

“We have signed 20 deals for implementation of core banking solutions in regional rural banks (RRBs) and we are in talks with other such banks,” Infosys Technologies (Finacle) Head Haragopal M told PTI.

Asked about names of banks it is in discussion with, he said that it is premature to talk about clients.

More orders, he said, are likely to come as all the RRBs have to migrate to CBS by September 2011, the deadline set by RBI. Currently, there are 86 RRBs in the country of which three banks have become 100 per cent CBS.

Two of Union Bank of India’s sponsored Rewa Siddhi Gramin Bank and Kashi Gomti Samyut Gramin Bank and Punjab National Bank sponsored Haryana Gramin Bank is fully CBS.

Finacle for RRBs is a comprehensive, integrated yet modular business solution that effectively addresses their strategic and operational challenges, he said.

Mr. Haragopal said, it is future-proof solution and can be seamlessly integrated with other enterprise applications. With a robust architecture and proven scalability, it ensures protection for the institution’s technology investments.