Dynacons Systems & Solutions Limited, a technology solutions provider, on Tuesday announced that it has secured a significant contract worth Rs 233 crore from the National Bank for Agriculture and Rural Development (NABARD). The contract, it added, encompasses the upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states.
“Under the terms of the contract, Dynacons will deploy its comprehensive suite of services, encompassing consultancy, implementation, customization, and ongoing support. Leveraging its domain knowledge and technical expertise, Dynacons aims to minimize disruptions to banking operations while maximizing the benefits of the new Finacle platform,” the company said in a regulatory filing.
The project scope includes core banking solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.
Furthermore, this contract is structured on an Operating Expense (OPEX) basis, ensuring recurring revenue streams throughout the duration of the agreement. This model not only provides financial predictability for both parties but also aligns incentives for ongoing support and innovation. Additionally, other cooperative banks associated with NABARD can also place their order and participate in this initiative, further extending the benefits of modernized banking solutions across the cooperative banking sector.
The proposed solution entails implementing CBS (Finacle 10.2.25) in NABARD Data Centre, Disaster Recovery Centre, and associated banks, including all necessary hardware, database, middleware, network components, third-party utilities, and testing. The contract spans over 5 years, with ongoing maintenance support provided to NABARD and associated state cooperative banks, featuring onsite skilled resources and committed Service Level Agreements (SLAs). The current version of Finnacle 7.0 application was supplied and managed by Wipro for the last 10 years.
Parag J Dalal, Executive Director of Dynacons Systems & Solutions Limited, said, “We are delighted to collaborate with NABARD in this transformative journey towards digital modernization. This contract win is a testament to Dynacons’ capabilities in delivering innovative technology solutions tailored to the unique requirements of our clients. We are fully committed to leveraging our expertise to ensure the seamless upgradation and migration of Core Banking Solution, enabling NABARD to achieve its strategic objectives efficiently.”