Central Bank of India and Wipro have announced a 5 year total outsourcing agreement to provide state-of-the-art technology core banking solution for seven sponsored Regional Rural Banks. One of them, Uttar Bihar Gramin Bank is the biggest RRB in India and has a large presence in Bihar.
The engagement is of vital importance to Central Bank of India in order to achieve its objective of financial inclusion and bringing low cost and efficient banking services to the rural masses. The Centralized Core Banking Project is expected to facilitate efficient internal operations for the seven Regional Rural Banks. It is also expected to provide the competitive edge by enabling regional rural banks offer innovative products and services at optimum costs.
The Core Banking project would integrate 2000 sites which include branches, extension counters, Satellite offices, Regional Offices, Head Offices and back offices in a phased manner. The solution would also offer alternate Delivery Channels like Internet Banking and Mobile (including SMS Alerts) Banking.
The company made this announcement after the trading hours on 01 September 2010.