In a partnership for financial inclusion for the excluded, Punjab National Bank (PNB) and Finacle of Infosys Technologies Ltd (Infosys) tied up for core banking services in rural areas. It is said that Finacle will provide new age technology laden banking solution across PNB’s six Regional Rural Banks (RRBs) covering 1300 branches.
PNB has decided to extend its services to its regional rural banking customer through the usage of latest technology. Finacle is all set to adapt to the needs of the rural industry and make core banking solutions for the unbanked possible through the RRBs. Finacle will enable these RRBs to better manage audit processes, adhere to statutory compliance, enhance internal MIS requirements and offer customers competitive services on par with commercial banks. Leveraging Finacle, RRBs will be able to standardize processes and operations, on a single platform, providing the bank with a unified view of its rural banking business.
Speaking on this partnership, R.I.S.Sidhu, Chief General Manager, Punjab National Bank said, “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 standardize operations and offer customers a range of innovative products and services at reduced cost, enabling greater inclusive growth. We are confident that in Finacle and Infosys, we have found the best combination to power this strategic initiative.”
According to Haragopal M, Head – Finacle, Infosys Technologies Ltd, “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. We are pleased to partner with Punjab National Bank for this strategic initiative and we look forward to working closely with the bank, as they expand their business and leverage technology to stay ahead in the market.”