Central Bank of India, one of the largest Public Sector Banks in India and IT major Wipro, today announced a 5 year total outsourcing agreement to provide state-of-the-art, technology-driven, 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.
Speaking about the engagement, S Sridhar, chairman and managing director (CMD) said,“The rural customer of the RRB will receive superior customer experience from the RRB, and fast efficient systems will enable alignment with (Q,N,C,F)* the shared business vision of Central Bank of India and the Regional Rural Banks sponsored by the Bank.“Shares of Wipro gained Rs 3.5, or 0.88%, to settle at Rs 403.30. The total volume of shares traded was 114,214 at the BSE .
Source:-http://www.myiris.com/newsCentre/storyShow.php?fileR=20100901164408707&dir=2010/09/01&secID=livenews
