Punjab National Bank has chosen Finacle from Infosys to power its core banking initiative for rural banking. Infosys will deploy Finacle across PNB's six Regional Rural Banks covering 1300 branches.
Punjab National Bank says it has decided to roll out the technology to its regional rural branches which, due to their remoteness, have issues around connectivity. It believes that the implementation in branches will allow improved customer service - partly through centralisation of data - and could allow innovation in its banking products.
This is needed at a lower cost for RRBs than for urban branches as their operations are relatively less complex.
R. I. S. Sidhu, chief general manager at Punjab National Bank said, "The key objective of this transformation initiative is to strengthen our RRBs and make them vibrant channels of financial service delivery for the rural sector. Leveraging Finacle's state-of-the-art technology we aim to standardize operations and offer customers a range of innovative products and services at reduced cost, enabling greater inclusive growth. We are confident that in Finacle and Infosys, we have found the best combination to power this strategic initiative."
It is hoped that Finacle will enable RRBs to better manage audit processes, adhere to statutory compliance, enhance internal MIS requirements and offer customers competitive services on par with commercial banks. RRBs should be able to standardise processes and operations, on a single platform, providing the bank with a unified view of its rural banking business.