Under the terms of the partnership, the implementation is set to include system integration and maintenance of software and hardware for a period of ten years. The deal is valued at USD 55 million.
The Intellect CBS is expected to enable RBI to have a functional automation and integration of the banking operations in all regional offices of the bank with departments such as Deposit Accounts Department (DAD), Public Accounts Department (PAD) and Pubic Debt Office (PDO). In addition, the Intellect CBS is set to deploy technologies such as Run Time Reuse (RTR), Look Ahead Processing (LAP), Back Ground Processing (BGP) and Transaction Splitting.
RBI’s target is to implement a centralized core banking suite at all its offices encompassing all banking and accounting operations to align with its current and future IT requirements, including one Generalized Ledger for the bank. RBI manages public debt, collections and payments of the Indian Central Government, state governments and union territories.
Polaris Software offers services for banking, corporate banking, wealth and asset management and insurance. So far, Polaris has implemented its services among 200 financial institutions worldwide.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now