Punjab National Bank selects Finacle for rural IT overhaul

Punjab National Bank selects Finacle for rural IT overhaul

India's Punjab National Bank (PNB) is set to roll out the Finacle universal banking system from Infosys across six regional rural banks (RRBs) covering 1300 branches.

The move is part of public sector bank PNB's rural banking initiative, designed to improve customer services and gain new customers outside of urban areas.

Infosys says Finacle has been adapted to suit PNB's rural branches, dealing with issues surrounding unreliable telecomms connectivity, centralisation of data and specific customer service requirements.

In addition, the system will enable the RRBs to better manage audit processes, adhere to statutory compliance, enhance internal MIS requirements and standardise processes and operations on a single platform.

R I S Sidhu, chief general manager, PNB, says: "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 standardise operations and offer customers a range of innovative products and services at reduced cost, enabling greater inclusive growth."

Haragopal M, head, Finacle, Infosys, adds: "In today's financial environment accessing the bottom of the pyramid has become a key business as well as social imperative for banks. With increased reach, Regional Rural Banks can become principal vehicles for financial inclusion in the country."

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