Wipro Infotech, the India and Middle East, IT Business unit of Wipro Ltd. and a leading provider of IT and business transformation services, on Mondya said that it has successfully implemented core banking solution (CBS) for 5 co-operative banks under National Agriculture Bank for Rural Development (NABARD). The application is hosted from Wipro’s Data Center and would be supported for 5 years from the date of Go Live.
As part of the contract, Wipro is currently implementing the project for co-operative banks across the states of Bihar, Uttar Pradesh, Maharashtra, Punjab, and Haryana. Phase one of the project will cover State Co-operative Banks (SCB) and District Co-operative Banks (DCB) of 10 states. Wipro will computerize 76 banks with approximately 2790 branches.
Bringing CBS in co-operatives will be very beneficial to people in rural areas because co-operatives have a presence in remote places where other banks are often absent. The farmer will be able to receive e-payments towards subsidy, etc. under various Government schemes in his account directly. Remittance of funds from the cities to the villages and vice versa will be done easily in a bank branch in the village. This is expected to result in far reaching benefits for the agriculture sector and rural development. The banks will now be able to provide latest e-banking facilities like ATM facility, utility bill payment, mobile banking, e payments etc. to the customer in the remotest of places.
This implementation will help banks expand their local reach and improve their volume of business while reducing cost of operations by automating business processes and providing a single accounting platform. The comprehensive teller functions provided by CBS will enable quick customer service. The banks will further benefit from this implementation as the solution will provide comprehensive Investment (access to financial markets) and Borrowing (from Govt. RBI, NABARD, SCB, etc.) functions, enabling monitoring and accounting for Investments and Borrowings.