Polaris bags $55 million project to implement CBS for RBI

Financial technology company Polaris Software Lab has bagged its largest ever project valued at $55 million to implement its flagship Intellect Core Banking System (CBS) for the Reserve Bank of India.

Intellect CBS for RBI would help it have a cross-functional and seamless automation and integration of  banking operations in all regional offices of the Bank, Polaris Software Lab said in a statement.

Intellect CBS would seamlessly integrate into the IT environment and to the infrastructure of RBI, meeting all its work flow requirements.It would provide a "very efficient" integration and interface with a large number of systems running on varied hardwares and operating systems, it said.

 "This $55 million deal is the single largest Intellect win for Polaris", Polaris Software chairman and CEO Arun Jain said.

Reserve Bank of India has appointed KPMG for business process reengineering, package and vendor selection and they would continue to work with the Bank until the project layout, it added.

Polaris Software headquartered in Chennai, currently has a presence in 19 countries, the statement added.