BoM ties-up with TCS for core banking solutions
Mumbai, Mar 22 (UNI) Bank of Maharashtra (BoM) has signed a contract with IT major and Tata group bluechip Tata Consultancy Services (TCS) to implement a core banking solution for its operations.
TCS' cent per cent Australian subsidiary Financial Network Solutions (FNS) will provide the solution called BANCS to the bank, BoM Chairman and Managing Director S C Basu told mediapersons here today.
The solution also includes China Systems' Eximbills for trade finance, as well as hardware from IBM and networking from Bharti Televentures.
TCS CEO and Managing Director S Ramadorai said the entire solution will be customised by TCS for the bank, thereby enabling BoM to deliver round-the-clock banking to its customers through multiple channels like ATMs, the internet and mobile phones, on a real-time basis.
TCS will adopt its ready-to-deploy core bankng solution implementation model developed at the company's core banking solution centre of excellence, Mr Ramadorai said, adding that ''TCS is implementing this solution presently at State Bank of India, its associate banks, Indian Bank, Central Bank of India and Allahabad Bank.'' TCS will be responsible for the end-to-end system integration, including redesigning and deploying a bank-wide corporate network.
Besides, TCS will also set up and maintain the data centre and provide management services to the bank over the next six years.
He said 600 branches of BoM will be covered by this core banking solution project, including retail, corporate, trade finance, treasury and delivery channels for internet banking, phone banking and mobile banking.
BoM, with a customer base of around 10 million and a capital adequacy ratio of 12 per cent, has invested Rs 117 crore on the core banking solution project, Mr Basu said.
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