Wipro Infotech, a leading provider of IT and business transformation services, today announced it has signed a five year contract to drive Canara Bank's Regional Rural Bank (RRB) initiative.
The contract is to provide a state-of-the-art, technology-driven, core banking solution for three of Canara Bank sponsored Regional Rural Banks -- Pragathi Gramin Bank, Karnataka, South Malabar Gramin Bank, Kerala, and Shreya Gramin, Uttar Pradesh, a Wipro release said.
The engagement would enable Canara Bank to achieve its objective of financial inclusion and bringing low cost and efficient banking services to the rural masses.
The centralised Core Banking Solution is not only expected to facilitate efficient internal operations for the three RRBs but also increase its competitive edge in its ability to offer innovative products and services at optimum costs.
The Core Banking project aims to integrate around 900 branches and offices in a phased manner.
Wipro will deliver business-IT alignment by deploying and implementing the critical Core Banking Solution and the identified delivery channels, seamlessly.
Wipro will be implementing Finacle Core Banking Solution, alongwith other standard products such as Mobile Banking, and EMS. With this, RRBs of Canara Bank will be in compliance with statutory and Regulatory requirements including MIS.
"We plan to deliver extremely robust, scalable and flexible Centralised Core banking Solution aligned with the corporate mission, strategy and business plan of the Regional Rural Banks," said Wipro Senior Vice-President and Business Head (India, West Asia and Africa, Anand Sankaran).