The Reserve Bank of India (RBI) has chosen Polaris Software Lab, a financial technology company, to implement its Intellect TM core banking system (CBS) across the bank. The deal is valued at $55 million.
The end-to-end implementation includes system integration and maintenance of software for 10 years, says a release from the company.
The apex bank, it is pointed out, is keen to implement a centralised core banking solution at all its offices encompassing all banking and accounting operations to align with its current and future IT (information technology) requirements, including one generalised ledger for the bank.
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“There were several functional and business requirements of RBI that are specific to large central banks and substantially different from the core banking system in a commercial bank,” the release says.
Further, security is a major focus area in the CBS implementation, the release adds.
RBI is one of the most complex central banks globally, managing public debt, collections and payments of a Central Government, state governments and Union Territories.
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“Intellect CBS will help RBI to have a cross functional and seamless automation and integration of the banking operations in all regional offices of the bank with departments such as Deposit Accounts Department (DAD), Public Accounts Department (PAD) and Pubic Debt Office (PDO),” the release adds.
Intellect CBS will bring technologies like Run Time Reuse (RTR), Look Ahead Processing (LAP), Background Processing (BGP) and Transaction Splitting to ensure high scalability and highest levels of performance, the release says.
“On the security side, it will seamlessly integrate into the IT environment and landscape of RBI, meeting all its process flow and work flow requirements,” the release claims.
RBI appoints KPMG
The RBI has appointed KPMG for business process re-engineering, package and vendor selection. It will continue to work with the bank until the project roll-out.
“This $55-million deal is the single largest Intellect win for Polaris. The trust that the RBI has shown in us reaffirms our investments in building highly scalable and open SOA (service-oriented architecture) technology,” the release quotes Arun Jain, Chairman & Chief Executive Officer of Polaris Software as saying.