Andhra bank has given contract for implementing a core banking solution to HP India. The bank will also outsource the IT infrastructure & managed services
HYDERABAD: Andhra bank has given the contract for implementing a comprehensive core banking solution (CBS) to HP India. The bank will also outsource the entire IT infrastructure and managed services to the multinational for an undisclosed value.
Andhra Bank will deploy Infosys’ Finacle Core Banking Solution across 25 branches as a pilot over the next six months. This will be put in pace across 525 branches and offices in the next 18 months.
Andhra Bank is one of the last of the public sector banks to implement the core banking solutions mandated under the Basel II norms, the deadline for which expires later this year.
The Corporation Bank is the only other public sector bank yet to implement it, said an industry official. For the bank, HP will also set up a 125-people-strong data centre in Hyderabad and a disaster recovery centre in Chennai.
The remaining 800 odd branches of the Hyderabad-headquartered bank will come under CBS during the five-year contract period, K Ramakrishnan, chairman and managing director Andhra Bank, said.
However, he did not disclose the size of the deal. With the initial rollout, 80% of the bank’s business will be Basel II-compliant, he said.
Balu Doraiswamy, managing director, HP India, said the deal was the sixth-largest win for the company in India and Andhra is the sixth bank HP has helped computerise in the country. “The contract has a very comprehensive scope and it is critical to bring down the cost of transactions for the bank,” he added.
According to N Vijay Kumar, head IT at Andhra Bank, all systems integrators in the business had bid for the project and the winner was decided after an analysis by Krishnamurthy of the Indian Institute of Sciences (IISc), Bangalore and KPMG.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}