Chennai-based banking financial services insurance (BFSI) IT company, Polaris Software Lab has sealed a $55-million deal with the Reserve Bank of India (RBI) to implement core banking system (CBS) across the bank. The end-to-end implementation includes system integration and maintenance of software for a period of over 10 years.
RBI wanted to implement a centralised CBS at all its offices encompassing banking and accounting operations to align its current and future IT requirements, including one generalised ledger for the bank. “I am delighted that after stringent evaluation of next generation architecture of Intellect, RBI has chosen Polaris”, said Arun Jain, chairman, Polaris Software.
There are several functional and business requirements of the RBI that are specific to large central banks and different from the CBS in a commercial bank. Intellect CBS for central banks would help RBI to have a cross functional and seamless automation and integration of the banking operations in all regional offices of the departments. Security is a major focus area in the CBS implementation. Intellect CBS will seamlessly integrate into IT environment and landscape of RBI meeting all its workflow process requirements.