National Agriculture Bank for Rural Development (NABARD) has signed an agreement with Wipro to help in the computerisation of co-operative banks.
According to officials,an agreement for the implementation of core banking project by the co-operative banks was signed at NABARD regional office between Wipro and four central co-operative banks here on Monday.
Four of the co-operative banks,which will benefit with the computerisation programme are Latur,Buldana and Nagpur central cop-operative banks.
Signed in the presence of M V Ashok,chief general manager,NABARD,the authorised signatories of these co-operative banks signed the agreement on behalf of these banks while K S Natarajan,regional finance manager,signed the agreement on behalf of Wipro.
K S Raghupathi,DGM,repositioning department,NABARD,said the national agriculture bank will help the central co-operative banks to usher in modernisation in their branches and computerisation of the banks will help them deliver more on performance.
According to NABARD officials,with the help of core banking soloutions (CBS) the banks will facilitate the optimal technology use in rural financial sector.
While implementing the core banking solutions (CBS),NABARD will facilitate the optimal technology use in rural financial sector and undertake in bringing together about 140 banks,both state cooperative banks and central cooperative banks and administrative offices under one common technology and make the credit delivery system faster and easier as also to incubate financial inclusion initiatives, said NABARD officials.
Wipro will provide the total solution to implement CBS in the banks including providing the required database,middleware,network,project implementation and project management.
The agreement between NABARD and Wipro will be for five years and remain effective till 31 December 2017.
It is expected that the work relating to the transfer of data to CBS model will start very soon and all these four banks with about 500 branches in Maharashtra are expected to be on CBS platform within a period of one year, said NABARD officials.