Infosys' CBS solution to power UP cooperative banks

Project likely to be completed by Sept'13; when DCCBs in Agra, Aligarh, Etah, Farrukhabad, Lalitpur, Lucknow and Pratapgarh would be CBS compliant

IT major Infosys’ Core Banking Solution (CBS) Finacle will power 7 District Central Cooperative Banks (DCCB) in Uttar Pradesh.

The project is likely to be completed by September 2013, when DCCBs in Agra, Aligarh, Etah, Farrukhabad, Lalitpur, Lucknow and Pratapgarh would be CBS compliant.

Etawah CCB had already migrated all its 27 branches and Head office to CBS platform becoming the first such institution in India to have started the transfer of funds using National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).

National Bank for Agriculture and Rural Development (NABARD) is facilitating the implementation of the CBS project.

“It is up to the respective DCCBs to approach us for migrating to CBS platform or decide to do it independently,” NABARD chief general manager K K Gupta said recently.

CBS is networking of bank branches enabling customers to operate accounts and avail of banking services from any branch spread over any geography. In nutshell, CBS offers ‘Anywhere’ and ‘Anytime’ Banking to customers and most commercial banks have already migrated to this system as also mandated by RBI.

Meanwhile, Gupta informed NABARD was targetting 30% increase in business operations in UP from Rs 7,160 crore in 2012-13 to over Rs 10,500 crore in the current fiscal.

NABARD is also supporting construction and accreditation of warehouses in rural areas through state corporations and also individual entrepreneurs.

The Bank acts as the nodal agency for implementation of central package for revival and reforms in handloom sector.

Under this, NABARD provided Rs 58 crore to Apex/Primary Weavers' Cooperative Societies and individual beneficiaries. The banks have been given a target of 20,000 fresh weavers’ credit card.