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Posts Tagged ‘PSB’

Punjab and Sind Bank signs IT outsourcing contract with Wipro

February 26th, 2010

The partnership assumes significance in view of the Punjab and Sind Bank’s objective to become a INR1000bn bank by 2011 by increasing its branch networks and services.

Through this partnership, PSB will be able to leverage technology to compete and achieve operational excellence. Wipro will be responsible for system integration, provisioning and management of Finacle core banking solution and enterprise applications. This would include management of the entire underlying IT infrastructure covering computing platforms and networking.

As part of the program, Wipro will also undertake commissioning and management of the Data Centre and the Disaster Recovery centre, and Service and Support for the Bank. The solution is expected to completely transform the bank’s IT landscape in terms of improved agility for offering innovative banking services.

Sardar GS Vedi, chairman and MD of Punjab and Sind Bank, said: “The vision of the bank is to leverage technology to achieve business transformation. We are re-engineering our IT processes and applications to deliver superior quality of service and products to accelerate business growth and achieve operational excellence. We are delighted to partner with Wipro in this journey towards business excellence, given Wipro’s track record in the BFSI segment, leadership position in India and strong IT and people processes.”

Anand Sankaran, SVP and business head of India and Middle East at Wipro, said: “Wipro’s Total Outsourcing Framework and strong programme governance will ensure the application suite and the underlying infrastructure is aligned to PSB’s business needs. Coupled with our deep domain knowledge, over two decades experience in the IT space and knowledge of global best practices, we are confident PSB will set new standards in Banking services and Customer Relationship Management in the years to come.”

Reportedly, PSB has terminated an earlier agreement with Satyam in 2009 after the troubled outsourcing firm failed to fulfil its criteria.

Source:http://www.newstatesman.com/banking-and-insurance/2010/02/bank-psb-wipro-india-punjab

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Wipro snatches multi-million dollar PSB outsourcing contract from Satyam

February 25th, 2010

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Under the agreement, Wipro will be responsible for system integration, provisioning and management of the Finacle core banking platform and enterprise applications to PSB branches across the country.

An earlier agreement with Satyam in 2006 was terminated last year after the troubled outsourcing firm failed to fulfil all PSB’s criteria. This followed revelations that Satyam founder and chairman B Ramalinga Raju had been inflating the company’s profits for years, leaving a $1 billion hole in the balance sheet.

As part of the new programme, Wipro will also undertake commissioning and management of the bank’s data centre and the disaster recovery centre, and service and support operations.

Sardar G.S.Vedi, PSB chairman and MD says: “The vision of the bank is to leverage technology to achieve business transformation. We are re-engineering our IT processes and applications to deliver superior quality of service and products to accelerate business growth and achieve operational excellence.”

Source:http://www.finextra.com/news/fullstory.aspx?newsitemid=21126

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Wipro bags 10 yr contract from PSB worth Rs 100cr

February 24th, 2010

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Wipro has bagged a 10 year contract from Punjab & Sind Bank (PSB). In an interview with CNBC-TV18, Anand Sankaran, Senior VP and Head India & Middle East Business of Wipro said the contract value is upwards of Rs 100 crore.

Q: Is this a core banking solution or have you got a contract to maintain systems? Could you give us an indication of the contract ramps up or has an equal amount over a period of time and what amount could be?

A: It is total outsourcing contract for core banking operations of the bank. Besides the core banking operations we would also be implementing a whole lot of other applications—12 different applications. We would be also responsible for the underlying computing storage and network infrastructure, including commissioning and management of the entire data center and the data recovery system.

This is the 10 year contract. The first phase is basically implementation and roll out of the core banking application. We expect to rollout the pilot branches in the first six-months and expect to complete the entire rollout of 500 branches in the next couple of years.

Q: How much money is this contract worth?

A: This is a 10 year contract and it has a value upwards of Rs 100 crore.

Q: How are the margins comparable to it and what are the margins you make in the fist place and how are they comparable to their offshore margins?

A: This would be inline with our Wipro Infotech operating margins.

Q: Generally, are you expecting that the Indian banking space or the BFSI space domestically is and is likely to yield more order now than it has done in the past and it appears to have come out of the turmoil looking shipshape compared to the BFSIs elsewhere?

A: We are out of the slowdown, if you will, which we saw in Q4 of the last calendar year going into the second quarter of the last calendar year. We saw recovery happening from the Q3 of last year and since then we have seen not only banking but also other freight segments in India as well as globally seeing an uptick in consumption of technology.

Source:http://www.moneycontrol.com/news/business/wipro-bags-10-yr-contractpsb-worth-rs-100cr_443504.html