Intellect wins prestigious deal from Reserve Bank of India

11 Mar 2022 , 01:33 AM

Intellect Design Arena announced that the Reserve Bank of India the central bank of the country and one of the largest in Asia region has chosen Intellect to implement the upgraded version of the award-winning Cloud-Native Intellect Quantum Core Banking solution to power the next stage of their digital transformation agenda Intellect continues to be the trusted partner for the Central Banking Transformation at Reserve Bank of India The entire central banking operation of RBI is currently being supported by Intellects Quantum Central Banking Solution popularly called as e-Kuber in RBI Government of India in the Indian Financial Systems Benchmarked to support over 100 million transactions and 30 million ISO20022 payment messages on a peak day the platform supports 250 commercial banks 35 state government and union territories along with a number of Central Government ministries The next generation Intellect Quantum solution is built on cutting edge API first cloud-native and cloudagnostic microservices architecture supported by a rich set of packaged business components The solution enables the RBI to seamlessly manage multiple activities such as supporting Indias Treasury Single Account with real-time balance position for various government entities Indias national GST backbone and a wide range of Govt Services and Banking Services Currency circulation through 3000 currency chests Depository for Govt securities including public debt auction management sophisticated Monetary Policy Operations MNSB settlements for various market infrastructures the support for financial inclusion by facilitating a wide range of Government direct benefit schemes for the public and Govt Payment and Receipt Gateway with the support for 24×7 RTGS NEFT payments and settlements enterprise General Ledger with real-time balance sheet among others With the launch of the Digital India initiative by the government various direct benefit schemes of government digital payments GSTN other varied monetary policy implementations RBI transaction volumes are expected to grow several fold over the next decade and the next stage of the banks digital transformation project e-Kuber 20 has to be designed engineered to support this growth RBI will deploy the entire QCBS platform-with API first micro-services architecture-on a cutting-edge large scale private cloud enabling a contextual modern user experience Intellect will also provide a new Government Portal for Govt entities with real time multi-dimensional dashboards along with modernising the existing commercial banking portal